These changes address serious deficiencies in Equifax’s information security environment. According to cybersecurity expert Mary Frantz, "mplementation of the proposed business practice changes should substantially reduce the likelihood that Equifax will suffer another data breach in the future. Equifax’s compliance will be audited by an experienced, independent assessor and subject to the Court’s enforcement powers. In addition, Equifax has agreed to entry of a consent order requiring the company to spend a minimum of $1 billion for data security and related technology over five years and to comply with comprehensive data security requirements. based call center, assignment of a certified identity theft restoration specialist and step by step assistance in dealing with credit bureaus, companies and government agencies. Identity restoration services through Experian to help class members who believe they may have been victims of identity theft for seven years, including access to a U.S.Alternative cash compensation (subject to a $31 million cap) for class members who already have credit monitoring or protection services in place and who choose not to enroll in the enhanced credit monitoring and identity protection services offered in the settlement.The one-bureau credit monitoring will be provided separately by Equifax and not paid for from the settlement fund. The Experian monitoring has a comparable retail value of $24.99 per month and has a number of features that are typically not available in “free” credit monitoring services offered to the public. Four years of specially negotiated, three-bureau credit monitoring and identity protection services through Experian and an additional six years of one-bureau credit monitoring and identity protection services through Equifax.
Ten hours can be self-certified, requiring no documentation.
EXPERIAN DATA BREACH SETTLEMENT PROFESSIONAL
Reimbursement of up to $20,000 for documented, out-of-pocket losses fairly traceable to the breach, such as the cost of freezing or unfreezing a credit file buying credit monitoring services out-of-pocket losses from identity theft or fraud, including professional fees and other remedial expenses and 25 percent of any money paid to Equifax for credit monitoring or identity theft protection subscription products in the year before the breach.
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