What consumers should know about Equifax $700,000,000 settlement.
over a massive 2017 data breach includes up to $425 million for consumers.
According to the Government Accountability Office, the investigative arm of Congress, a server hosting Equifax's online dispute portal was running software with a known weak spot. The hackers, who have not been identified, jumped through the opening. Hiding behind encryption tools, they sent 9,000 queries to dozens of databases containing consumers' personal information, and then methodically extracted the information.Equifax officials told GAO the company made many mistakes.
The compromised data included Social Security numbers, birth dates, addresses, driver license numbers and credit card numbers. Equifax said 3,200 passport images were also stolen. Criminals can use those bits of personal information to commit identity theft.
If consumers choose not to enroll in the free credit monitoring product available through the settlement, they may seek up to $125 as a reimbursement for the cost of a credit-monitoring product of their choice.What can consumers do with credit reports?
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