With pandemic numbers rising again from some sources; it’s shaken investors and pushed 30-year mortgage rates lower again this week, though adjustable rates moved a little higher.MCLEAN, Va.
Equifax to Pay Up to $700 Million to Settle Security Breach ☘ Hoey Team ☘ eXp Realty
Dated: July 31 2019
Equifax will reportedly pay up to $700 million to settle investigations of its massive 2017 cybersecurity data breach that compromised the personal information of 150 million people—essentially half of the adult population nationwide. The settlement includes payments to affected customers, fines, and numerous mandated changes to Equifax’s business practices to better protect consumers’ private data, government officials said.
The settlement is reportedly the largest ever for a data breach. It still needs to be approved by the federal district court.
“Equifax failed to protect consumers’ information and failed to enact reasonable security measures under California’s data security laws,” California Attorney General Xavier Becerra said at a news conference. “That left very important personal information exposed and allowed hackers to steal consumers’ names, Social Security numbers, their birth dates, their addresses, and in some instances, their driver’s license number, and even credit-related information.”
The data breach has prompted calls for greater government oversight of credit reporting bureaus’ data storage policies for the credit histories and personal information of consumers.
Under the settlement, Equifax will pay up to $425 million to reimburse victims from the security breach. It will also pay $175 million to states and invest more in its own cybersecurity. It will be required to submit to 20 years of regular third-party checkups. It will also pay an extra $100 million to settle a federal investigation into the data breach by the Consumer Financial Protection Bureau.
“This settlement requires that the company take steps to improve its data security going forward, and will ensure that consumers harmed by this breach can receive help protecting themselves from identity theft and fraud,” says Joe Simons, the Federal Trade Commission chairman.
Consumers whose data was stolen can receive at least four years of free credit monitoring on their credit reports at all three credit bureaus, FTC says. They also can receive an extra six free years of free credit monitoring on their Equifax credit report. Consumers who don’t enroll in the free credit monitoring from the settlement may be eligible for a cash payment of $125. In some cases, consumers may be eligible to receive reimbursements and cash payments up to $20,000, according to the FTC.
Consumers who want to claim the free credit monitoring or cash payments will need to file a claim once the claims process begins. A settlement site will be posted with updates when claims are open. Consumers also can register for alerts via email.
Article content from NAR - Realtor Magazine
Also; please check out the other blogs, and tabs to many other Links, Updates & Reports that we have here on our informational website. ☘
We hope that you find the information useful. If you have any questions, please do not hesitate to contact Barry or Kim with the Hoey Team ☘ brokered by eXp Realty
“Please Share this and our informational website with anyone who you think the info will help.
Feel free to refer any family or friends; it is the greatest compliment that you can give to us; we really appreciate referrals from Past Customers, Friends and Fellow REALTORS, who we help in any way we can.
Most of our business is referrals by word of mouth; from past Sellers and Buyers who we have helped; please ask for and check out our testimonials. Thanks, Barry & Kim ☘”
"Your Real Estate Concierge" If you are looking for a REALTOR® or one-stop Real Estate Team who will fully communicate; promptly, professionally, and in detail with you, to efficiently help you wit....
Latest Blog Posts
Hello,Barry & Kim with the Hoey Team 🍀 239RealEstateDeals.Com LLC ☘ hope that you and yours are doing good; wherever you are located.Hot off the press please find
Florida Realtors chief economist Dr Brad O'Connor: More homes are being listed than you think. Despite record-low inventory levels, the reason for current buyer frustrations isn’t
Welcome to the Luxury Market Report for June 2021, your guide to luxury real estate market data and trends for North AmericaProduced monthly by The Institute for Luxury Home Marketing, this report