Equifax Finalizes Breach Settlement, to Start Fulfilling Claims

Equifax has reached a settlement over its data breach, according to an update put out by the Federal Trade Commission (FTC).

The settlement was finalized in January 2022 and the settlement administrator has begun contacting those who filed valid claims, according to the update. Eligible claimants will receive a free four-year membership in Experian IdentityWorks, which offers identity theft protection, and users don’t have to provide payment info to enroll or cancel the service when it ends.

The data breach in question was announced by the company in September of 2017. It affected the personal info of 147 million people.

Equifax reached an agreement with the FTC, the Consumer Financial Protection Bureau and 50 U.S. states and territories, and the settlement will also offer up to $425 million to help those affected by the breach.

The release says people can file a claim for expenses incurred from identity theft or fraud from the breach, including for losses for unauthorized charges to accounts, fees paid to professionals to help recover from it, and other things like “notary fees, document shipping fees, postage, mileage and phone charges.”

Equifax also recently acquired Efficient Hire, a cloud reporting, onboarding and human resources (HR) management platform. This will allow it to offer more hiring and employment services and info.

See also: Equifax Acquiring Efficient Hire to Enhance Workforce Services

“The Efficient Hire acquisition demonstrates our commitment to reinvesting our 2021 outperformance in bolt-on acquisitions that further position Equifax for diversified growth,” Mark W. Begor, CEO of Equifax, said in the joint announcement. “Efficient Hire will enhance our robust suite of employer services and bolster our largest and fastest-growing business: Workforce Solutions.”

Begor added that their company is the only cloud-native one of that kind, so it would be making use of the Equifax Cloud to integrate solutions into the portfolio.

Efficient Hire’s suite is geared towards hourly employers, usually in the restaurant, staffing, building services, senior care and hospitality industries.