Idaho compensated under Equifax settlement
The state of Idaho will receive $1,061,064 as its part of a 50-state, $425 million settlement with Equifax.
Equifax agreed to the settlement as the result of an investigation into a massive 2017 data breach. The breach occurred after Equifax failed to maintain a reasonable security system. It was the larges breach in history and exposed the data of 56% of American adults.
Idaho’s share of the payment will be deposited into the state’s Consumer Protection Fund.
“I’m pleased to announce this result for Idahoans as Equifax failed to protect their sensitive data,” said Idaho Attorney General Lawrence Wasden. “This is a substantial settlement for the states and for consumers. I hope it reminds large companies who keep data on-file to protect it with robust security systems. This was an extremely expensive lesson for Equifax to learn.”
The Equifax breach affected 147 million consumers and included social security numbers, names, dates of birth, addresses, credit card numbers and, in some cases, driver’s license numbers.
Wasden’s office said that under the terms of the settlement, Equifax agreed to provide a single Consumer Restitution Fund of up to $425 million—with $300 million dedicated to consumer redress. If the $300 million is exhausted, the fund can increase by an additional $125 million. The company will also offer affected consumers extended credit-monitoring services for a total of 10 years.
Eligible consumers will be required to submit claims online or by mail. Paper claims forms can also be requested over the phone. Consumers will be able to obtain information about the settlement, check their eligibility to file a claim, and file a claim on the Equifax Settlement Breach online registry.
Consumers can sign up here or call the settlement administrator at 1-833-759-2982 for more information.
As part of the agreement, Equifax agreed to take several steps to assist consumers who face either identity theft issues or may have already had their identities stolen.
Those include making it easier for consumers to freeze and thaw their credit, dispute inaccurate information, and strengthen its security practices going forward.
