Please wait as we prepare your PDF file ....

Mission Chronicle Blog

Search Blog

our goal is to help you stay informed by providing timely and interesting articles.

Equifax will pay up to $700M over data breach that exposed millions

07/22/2019

Download PDF

Equifax, a major credit reporting firm that has increasingly pushed into the real estate industry, announced Monday that it will pay hundreds of millions of dollars over a data breach that exposed the personal information of almost 150 million people.

The payments are part of a settlement in a class action lawsuit against Equifax. It will involve the company turning over $290.5 million directly to various government agencies, as well as spending up to $425 million on a fund for consumers. The fund will be used to monitor consumers’ credit and cover losses that resulted from the data breach.

Equifax also agreed to “continue the significant steps it has taken in the wake of the cybersecurity incident to enhance its information security and technology program,” according to a company statement.

Mark Begor

Equifax CEO Mark Begor added in the statement that “we are focused on the future of Equifax and returning to market leadership and growth.”

“This comprehensive settlement is a positive step for U.S. consumers and Equifax as we move forward from the 2017 cybersecurity incident and focus on our transformation investments in technology and security as a leading data, analytics and technology company,” Begor added.

The Nanny Cam and other privacy issues in real estate A can’t-miss course takes on pressing new legal concerns for every agent READ MORE

The settlement still needs approval from a court before going into effect.

Equifax discovered the data breach in July 2017. The incident involved hackers getting access to Social Security numbers, addresses, and driver’s license numbers and other information for nearly 150 million Americans. Hundreds of thousands of credit card numbers were also among the stolen information.

The hack created significant blowback for Equifax — which serves roughly half the U.S. — and prompted a damning report from Massachusetts Senator, and now presidential candidate, Elizabeth Warren.

The hack also was the largest-ever breach of its kind. The ensuing class action lawsuit was brought by the attorneys general of 48 states, Puerto Rico and the District of Columbia, as well as regulators including the Federal Trade Commission, the Consumer Financial Protection Bureau and the New York Department of Financial Services.

Aside from the data breach, consumers are most likely to be familiar with Equifax’s credit reporting services. However, the firm has been growing its real estate business as well, including last week when it launched a new lead generation product. The product is meant to leverage Equifax’s massive trove of data to let real estate professionals do what the company describes as “intelligent prospecting.”

Earlier this year, Bryson Koehler, Equifax’s chief technology officer, also joined Realogy’s board of directors.

Email Jim Dalrymple II

Source: click here

Read More

INSPIRED, INTELLIGENT, INSIGHTFULL

STAY INFORMED WITH TIMELY AND INTERESTING ARTICLES FROM OUR BLOG, MISSION CHRONICLE. OUR ASPIRATION IS TO PROVIDE REALTORS AND OTHER REAL ESTATE INDUSTRY PROFESSIONALS WITH EXCEPTIONAL RESOURCES AND SHARE OUR KNOWLEDGE TO PROPEL YOU TO YOUR GOALS.

  • Mission Chronicle Newsletter July 24, 2023

    Mortgage rates continued to press downward last week after the previous week's CPI data pointed to e...

  • Mission Chronicle Newsletter Feb 20, 2023

    Despite the recent downward trend in mortgage rates and hopes that the Fed was nearing the end of it...

  • Mission Chronicle Newsletter Feb 6, 2023

    The Federal Reserve meeting ended as market participants expected, with a quarter-point increase and...

  • Mission Chronicle Newsletter Dec 26, 2022

    Mortgage rates held relatively steady last week as most economic news came in better than expected.C...

  • Mission Chronicle Newsletter Dec 12, 2022

    Rates managed to move slightly downward last week as recession fears grew amid hopes that the Fedis ...

  • Mission Chronicle Newsletter Dec 5th 2022

    Mission Chronicle Newsletter Dec 5th 2022. Platforms: Browser, mobile-responsiveIdeal for: Leasing a...

  • Inman Review: Tenants and leasing teams get better connected with RentTango

    Have suggestions for products that you’d like to see reviewed by our real estate technology ex...

  • Tech Review: Smart Alto puts people first in its innovative lead qualification solution

    Have suggestions for products that you’d like to see reviewed by our real estate technology ex...

  • Refreshed and nurture-savvy, Market Leader’s CRM deserves your attention

    Have suggestions for products that you’d like to see reviewed by our real estate technology ex...

  • The top 4 tips to improve your negotiation skills

    In today’s luxury real estate market, strong negotiation skills are an asset—you might even say ...

July 2024
Mon Tue Wed Thu Fri Sat Sun
1234567
891011121314
15161718192021
22232425262728
293031  

  • Polls

    What information you are looking for?

    View Results

    Loading ... Loading ...
  • Last month Results

    How Is My Site?

    • Good (100%, 3 Votes)
    • Excellent (0%, 0 Votes)
    • Bad (0%, 0 Votes)
    • Can Be Improved (0%, 0 Votes)
    • No Comments (0%, 0 Votes)

    Total Voters: 3

    Vote

    Loading ... Loading ...