Equifax has agreed to pay up to $700 million in fines and redress and provide years of free credit monitoring to consumers whose personal information was exposed in a massive 2017 data breach as part of its settlement with the Federal Trade Commission (FTC), the Consumer Financial Protection Bureau and several states’ attorneys general.
The settlement highlights standards state and federal regulators believe companies that collect and store private consumer information should abide by, as well as the FTC’s need to rely on other agencies’ abilities to issue civil money penalties in similar cases.
Learn more details about the proposed settlement.