Nearly $700M settlement reached with Equifax after 2017 data breach

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TWIN FALLS, Idaho (KMVT/KSVT) Consumers could claim free credit monitoring or up to $20,000 after a settlement was reached on Monday with the credit report agency Equifax.

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Equifax entered a settlement agreement for nearly $700 million and is expected to pay out about $425 million to consumers, after personal information was breach in 2017.

The data breach affected about 147 million people. Equifax settled the agreement with the Federal Trade Commission, all 50 U.S. states, the Consumer Financial Protection Bureau and other territories.

KMVT reached out to a local attorney to break down the numbers and believes consumers shouldn't expect a big payout.

"$425 million sounds like a lot but when you divide the 140 sum million people who potential were affected by this breach. You do the math and it's not a very good number," said Jeff Rolig, a Twin Falls civil attorney.

Rolig said the Equifax settlement could have scammers take advantage of consumers.

"If you get a telephone calls from people claiming to be following on the Equifax settlement, those are fraudulent calls," he said. "Don't fall for it. in fact on any of these things almost never you're going to be contacted by a company."

Kevin Mark is the Chief Information Officer at the College of Southern Idaho. He said CSI has invested itself to protect data for its staff, students and guests.

Mark said it really just gets down to raising awareness and for consumer to do their research before giving out any personal information, whether it's in person or online.

"Sharing that information for people you don't know, making sure you're not given out credit card information or personally identifiable information like social security numbers, over the phone to someone you don't know."

If consumers believe that they may have been affected by data breach they can file a claim with FTC here.



 
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