Equifax agreed to pay $700 million for 2017's massive data breach. Here's what you need to know. (via CNBCMakeIt)
. While that could make it more difficult for consumers to claim the total $20,000 cash payment available, Monday's settlement offers other forms of relief and ongoing help for consumers.In addition to the cash compensation for those who can prove they directly lost time or money, all affected consumers will have the opportunity to receive at least four years of credit-monitoring services through Experian and up to an additional six more years of monitoring with Equifax.
Additionally, the settlement allows for seven years of free assisted identity restoration service to help you fix any fraud or identity theft issues caused by the breach. During the investigation into the breach, Equifax admitted the company was informed in March that hackers could exploit a vulnerability in its system, but failed to install the necessary patches.
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