Equifax to Pay up to $700 Million for Data Breach The breach occurred in 2017, affecting close to 150 million people. Exposed consumer data included SSNs, birthdates, addresses and even driver’s license numbers. $425 million will be paid out to those affected by the breach, with $125 million being paid out to states and $100 million paid out to the Consumer Financial Protection Bureau. Equifax will also begin offering six free credits reports a year for seven years beginning in January. “Equifax failed to take basic steps that may have prevented the breach. This settlement requires that the company take steps to improve its data security.” Joe Simons, FTC Chairman, via NPR Equifax CEO Mark Begor said the settlement “reflects the seriousness with which we take this matter.” Consumer advocates have both criticized and praised the settlement.
