By: N. Tru Bass
Equifax has announced that it has set aside $700 million to settle with consumers and federal government and 48 states for a 2017 data breach.
The U.S. Consumer Financial Protection Bureau and the Federal Trade Commission 48 states the District and Puerto Rico, has accepted a settlement that would provide $425 million in monetary relief to consumers, and $100 million civil money penalty and other penalties. More than 150 million people were effected by the loss .
The companies stock dropped 30% upon announcement of the news but has since recovered and traded at previously traded levels.
In the agreement consumers can receive up to 10 years of free credit file monitoring in an attempt to protect themselves from identity theft and fraud.
The final step in the process is getting the federal district court to sign off on the agreement.