Equifax near $700m settlement of data breach probes: WSJ

The US credit reporting firm will have to boost consumer data protection as part of deal, Wall Street Journal says.

Equifax [Bloomberg]
Data breaches at US credit reporting company Equifax in 2017 affected nearly 150 million people worldwide, equivalent to about half the size of the US population [File: Michael Nagle/Bloomberg]-

United States-based credit reporting company Equifax Inc is close to a deal to pay around $700m to settle data breach probes with US regulators and states, the Wall Street Journal reported on Friday, citing people familiar with the matter.

Equifax will pay the amount to settle with the Federal Trade Commission, the Consumer Financial Protection Bureau and most state attorneys general, the Journal reported.

Equifax told the Reuters news agency it had no comment on the WSJ report.

The 2017 data breach at the company affected more than 143 million people worldwide.

The amount to be paid by the company could change depending on the number of claims eventually filed by consumers, according to the report, which added that the settlement could be announced as soon as Monday.

The settlement will require the credit reporting firm to make more changes to how it protects and handles consumer data, the Journal said.

According to the settlement reported by the paper, a fund will be established to compensate consumers for the harm that they suffered as a result of the breach.

Source: Reuters