SAVANNAH, Ga. (WSAV) – It’s considered the largest data breach in U.S. history and now Equifax is paying the largest settlement.
It may add up to as much as $700 million which includes payments to all 50 states as a result of litigation and a restitution fund for consumers.
Back in 2017, it was learned that the credit reporting agency had been hacked. It’s estimated that the personal information of up to 56 percent of all Americans was exposed, including names, addresses, social security numbers, birth dates, and even driver’s license information.
Officials say the hack had a huge impact on consumers.
Georgia Attorney General Chris Carr says the settlement ensures “substantial customer relief and requires the implementation of robust security measures to protect against future exposure of consumers’ private data.”
The settlement includes a payment of $175 million in fines to states, and Georgia is slated to receive $7 million of that.
In addition, there will be a restitution fund of $300 million to $425 million depending on how many customers use it. However, a consumer would need to prove some direct loss from the hack to their credit rating and or losses from accounts that might have been opened in their name.