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Equifax will reportedly pay $700 million in fines due to the 2017 security breach

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Equifax will reportedly pay $700 million in fines due to the 2017 security breach

There are a number of news reports but here's an example from the Wall Street Journal.

 

https://www.wsj.com/articles/equifax-to-pay-around-700-million-to-resolve-data-breach-probes-1156357...

 

I'm interested in details of the agreement as I'm one of the approx. 182,000 people known to have documentation exfiltrated as a result of the compromse.

(8/2019)
FICO 8 (EX) 793 (TU) 808 (EQ) 794
FICO 9 (EX) 822 (TU) 827 (EQ) 844

$800K+ club
Message 1 of 71
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Established Contributor

Re: Equifax will reportedly pay $700 million in fines due to the 2017 security breach


@coldfusion wrote:

I'm interested in details of the agreement as I'm one of the approx. 182,000 people known to have documentation exfiltrated as a result of the compromse.


There is now a website for the details, and at the bottom it says:

 

"This Is The Official Settlement Website For The Equifax Data Breach Settlement.

It Is Operated By The Settlement Administrator, Not By Equifax."

 

This part looks good:

  • At least 4 years of three-bureau credit monitoring, offered through Experian. You can also get up to 6 more years of free one-bureau credit monitoring through Equifax.
  • If you already have credit monitoring services that will continue for at least 6 more months, you may be eligible for a cash payment of $125.
27 FICO Scores + 3 VS3. MTG (Mortgage), AUT (Auto), and BKC (Bankcard) are scores 5,4, and 2 from the top.

Partial update from Experian of 6 EX scores at AoYA 1yr 0mo. Also TU 8 from a myFICO alert. The rest to follow on 12/10.

Message 2 of 71
Super Contributor

Re: Equifax will reportedly pay $700 million in fines due to the 2017 security breach


@CassieCard wrote:

@coldfusion wrote:

I'm interested in details of the agreement as I'm one of the approx. 182,000 people known to have documentation exfiltrated as a result of the compromse.


There is now a website for the details, and at the bottom it says:

 

"This Is The Official Settlement Website For The Equifax Data Breach Settlement.

It Is Operated By The Settlement Administrator, Not By Equifax."

 

This part looks good:

  • At least 4 years of three-bureau credit monitoring, offered through Experian. You can also get up to 6 more years of free one-bureau credit monitoring through Equifax.
  • If you already have credit monitoring services that will continue for at least 6 more months, you may be eligible for a cash payment of $125.

4 years of credit monitoring? I would take that. 



01/2019:
12/2019:

Hover over my cards to see my limits!
Goal cards: Cash+, Freedom.
Message 3 of 71
Senior Contributor

Re: Equifax will reportedly pay $700 million in fines due to the 2017 security breach


@Saeren wrote:

@CassieCard wrote:

@coldfusion wrote:

I'm interested in details of the agreement as I'm one of the approx. 182,000 people known to have documentation exfiltrated as a result of the compromse.


There is now a website for the details, and at the bottom it says:

 

"This Is The Official Settlement Website For The Equifax Data Breach Settlement.

It Is Operated By The Settlement Administrator, Not By Equifax."

 

This part looks good:

  • At least 4 years of three-bureau credit monitoring, offered through Experian. You can also get up to 6 more years of free one-bureau credit monitoring through Equifax.
  • If you already have credit monitoring services that will continue for at least 6 more months, you may be eligible for a cash payment of $125.

4 years of credit monitoring? I would take that. 


There is no listing of criteria regarding what constitutes "a class member".     Unlike 146 million+ other people,  Equifax had notified me directly and personally with specific details of what was exfiltrated but given how attorneys work I can't assume at this point that I will be assigned any kind of status or priority. 

 

I'm not looking for blood money, but so far I'm not impressed. 

(8/2019)
FICO 8 (EX) 793 (TU) 808 (EQ) 794
FICO 9 (EX) 822 (TU) 827 (EQ) 844

$800K+ club
Message 4 of 71
Established Contributor

Re: Equifax will reportedly pay $700 million in fines due to the 2017 security breach


@coldfusion wrote:


There is no listing of criteria regarding what constitutes "a class member".   

Not yet: "When the website is updated, you will be able to see if you are a class member and, if so, to file a claim for the benefits listed below. Please note that none of these benefits will be distributed or available until the settlement is finally approved by the Court.

 

That website is very new, and they say the Court approval process might take up to 6 months!

 

 Unlike 146 million+ other people,  Equifax had notified me directly and personally with specific details of what was exfiltrated but given how attorneys work I can't assume at this point that I will be assigned any kind of status or priority. 

 

I'm not looking for blood money, but so far I'm not impressed. 


CNBC has some good information, including a link to the actual court filings from the FTC.

 

CNBC also points out it may be hard to prove 'damages' in this case because the data was never found online.

27 FICO Scores + 3 VS3. MTG (Mortgage), AUT (Auto), and BKC (Bankcard) are scores 5,4, and 2 from the top.

Partial update from Experian of 6 EX scores at AoYA 1yr 0mo. Also TU 8 from a myFICO alert. The rest to follow on 12/10.

Message 5 of 71
Community Leader
Super Contributor

Re: Equifax will reportedly pay $700 million in fines due to the 2017 security breach

Sweet. Looking forward to my $1.28 check after the lawyers take their cut.







Message 6 of 71
Senior Contributor

Re: Equifax will reportedly pay $700 million in fines due to the 2017 security breach


@Brian_Earl_Spilner wrote:

Sweet. Looking forward to my $1.28 check after the lawyers take their cut.


You used AMEX math.  that $1.28 is what's left to be split across all the claimants.

(8/2019)
FICO 8 (EX) 793 (TU) 808 (EQ) 794
FICO 9 (EX) 822 (TU) 827 (EQ) 844

$800K+ club
Message 7 of 71
Community Leader
Super Contributor

Re: Equifax will reportedly pay $700 million in fines due to the 2017 security breach


@coldfusion wrote:

@Brian_Earl_Spilner wrote:

Sweet. Looking forward to my $1.28 check after the lawyers take their cut.


You used AMEX math.  that $1.28 is what's left to be split across all the claimants.


Thank you for double-checking my work.







Message 8 of 71
Senior Contributor

Re: Equifax will reportedly pay $700 million in fines due to the 2017 security breach

The part that gets me? "Equifax denied any wrongdoing in the breach as part of the settlement"

 

So, you don't think there was anything wrong with letting someone access your our data for months before you finally caught on? You don't think there was anything wrong that you hid what happened from the public for months while your execs sold your stock? You don't think there was anything wrong that the breach was caused by your failure to install a software update marked "urgent" by the maker?

 

But, I understand why the lawyers negotiated that - $700 million is pocket change and business as usual, while admitting criminal negligence might actually hurt the company.

 


Fico 08: 734/716/734 TU/EX/EQ
Message 9 of 71
Established Contributor

Re: Equifax will reportedly pay $700 million in fines due to the 2017 security breach

The website now provides a way to check if you are eligible to file a claim.

 

I decided to take the $125 'Alternative Reimbursement Compensation' over the 4 year free credit monitoring option.

 

Then I noticed this:

"If there are more than $31 million claims for Alternative Reimbursement Compensation, all payments for Alternative Reimbursement Compensation will be lowered and distributed on a proportional basis."

 

Great. So I'd have to hope that less than 248,000 people apply for the $125 to get the full amount. Looking forward to my $1.28 check.

27 FICO Scores + 3 VS3. MTG (Mortgage), AUT (Auto), and BKC (Bankcard) are scores 5,4, and 2 from the top.

Partial update from Experian of 6 EX scores at AoYA 1yr 0mo. Also TU 8 from a myFICO alert. The rest to follow on 12/10.

Message 10 of 71
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