Equifax is nearing a deal to pay about $700 million to settle investigations into a 2017 data breach, people familiar with the matter said
By AnnaMaria Andriotis July 19, 2019 7:08 pm ET Equifax Inc. EFX -1.39% is nearing a deal to settle a slew of state and federal investigations into a 2017 data breach that exposed nearly 150 million Americans’ Social Security numbers and other sensitive personal information.
The deal would clear a cloud that has hung over Equifax since it revealed in September 2017 that hackers had penetrated its systems and gained access to consumers’ names, Social Security numbers, birth dates and addresses. Equifax and the two other major credit-reporting firms, Experian Plc and TransUnion , compile lengthy financial dossiers on hundreds of millions of Americans that include their credit accounts and repayment histories.
The settlement would establish a fund to compensate consumers for harm suffered because of the breach, according to people familiar with the matter. A website and call center would be set up to handle the claims, one of the people said. The breach heightened congressional scrutiny of the credit-reporting industry. Congress passed legislation last year barring credit-reporting firms from charging fees to freeze and unfreeze credit reports.
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