![]() We are focused on the future of Equifax and returning to market leadership and growth."Įquifax has denied any wrongdoing, and no judgement or finding of wrongdoing has been made, according to a statement on the settlement website.ĪBC News' Will Gretsky and Adam Kelsey contributed to this report. "We have been committed to resolving this issue for consumers and have the financial capacity to manage the settlement while continuing our $1.25 billion EFX2020 technology and security investment program. "The consumer fund of up to $425 million that we are announcing today reinforces our commitment to putting consumers first and safeguarding their data - and reflects the seriousness with which we take this matter," Begor said. Equifax plans to "focus" on its investments in technology and security, Begor said. consumers and the company as it moves forward from the breach. In a statement, Equifax CEO Mark Begor described the settlement as a "positive step" for both U.S. ![]() Since the breach, the chief information officer and top security executive have retired, and the agency hired a new chief technology officer, according to AP. That makes this class action settlement the second largest data breach related class action settlement after Equifaxs 2017 data breach settlement, which is accepting claims in an extended claim filings period through December 2024. Equifax taking steps to fix the issuesĮquifax has added tools to better monitor its network traffic as well as restricted traffic between internal servers and tightened controls on who can access certain systems and networks, according to AP. The agency also recommended that people closely monitor their financial accounts and credit scores for unauthorized activity. After the breach was announced, Equifax mailed notices to people whose credit card numbers or dispute documents with personal identifying information were impacted.Īt the time, consumers were also able to enter their personal information into a database to determine whether they were affected, but that function appears to have since been disabled.
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