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Equifax to Pay the Largest Data-Breach Settlement

Equifax, one of America’s three largest credit bureaus, alongside Experian and TransUnion, has files on hundreds of millions of people worldwide. 

In 2017 the records of at least 147 million people were accessed by hackers. Among the stolen information, there are at least 147 million names and dates of birth, about 145.5 million Social Security numbers, and a total of 209,000 payment card numbers and expiration dates. 

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Equifax will pay at least $300m towards identity theft services and other related expenses run up by the victims. People who paid for credit monitoring or identity theft protection services will be eligible to have what they spent refunded. Additionally, individuals would also receive compensation for the time they spent dealing with the issues at a rate of $25 per hour, for up to 20 hours.

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An additional $175 million will be paid in fines to end various investigations. The rest of the money will be divided between 50 U.S. states and a penalty paid to the Consumer Financial Protection Bureau.

Question: Do you think that the settlement is fair or not?

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