Controversies
Controversies tied to this brand in public sources. A listing is not a finding of fault.
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2022
Incorrect credit scores supplied to lenders
Equifax acknowledged that a technical issue caused inaccurate credit scores to be provided to some lenders. The disclosure prompted criticism and litigation from consumers who alleged that the errors affected borrowing terms.
2020
Equifax settlement resolves class-action claims over 2017 hack
Settlement
A court in Georgia ruled that Equifax would pay $380.5 million to resolve outstanding claims in a class-action lawsuit filed by people whose data was stolen in the 2017 hack. The ruling addressed remaining claims in the class-action litigation brought by affected individuals. The settlement amount was set at $380.5 million. The decision was issued by a Georgia court.
Company response
Refund or compensation — Equifax
Under the terms of the lawsuit, Equifax will place the $380.5 million into a fund where those affected and are party to the class-action lawsuit can withdraw up to $20,000.
Source excerpt
The upfront figure, a partial discount on the up to $700 million figure the company agreed to pay in July, covers a class action lawsuit filed by those who had their data stolen.
The long-running saga that followed the historic 2017 hack of credit reporting agency Equifax Inc. is nearing its end as a court in Georgia ruled Monday that the company will pay $380.5 million to resolve all outstanding claims.
2020
Equifax agrees to settle Indiana data-breach lawsuit
Settlement
Equifax agreed to pay the State of Indiana $19.5 million to settle a class-action lawsuit concerning the 2017 data breach. The settlement also requires Equifax to correct Indiana’s security deficiencies and safeguard consumer information in the future.
Company response
Remediation — Equifax
Equifax is also required to correct Indiana’s security deficiencies and safeguard consumer information in the future.
Source excerpt
Atlanta-based consumer credit reporting agency Equifax has agreed to pay the State of Indiana $19.5 million to settle a class-action lawsuit, brought forward by the State’s Attorney General Curtis Hill.
Equifax disclosed that its databases were hacked between May and June 2017, and attackers gained access to the company’s data that compromised sensitive information for 147 million American consumers, including social security numbers, credit card numbers, and driver’s license numbers.
The lawsuit concerns the 2017 data breach that leaked a massive amount of data of more than 147 million Americans, including 3.9 million Indiana residents.
2020
Chicago reaches $1.5 million settlement with Equifax
Settlement
Chicago’s Department of Law reached a $1.5 million settlement with Equifax over the 2017 cybersecurity breach. Chicago had alleged that Equifax lacked adequate data-security measures to prevent a data breach.
Source excerpt
Chicago filed a lawsuit against Equifax in 2017; the city claimed that Equifax did not have adequate data security measures to prevent a data breach.
Chicago’s Department of Law has reached a $1.5 million settlement with Equifax over a cybersecurity breach in 2017, which compromised the information of 147 million people, including those in Chicago.
2019
Insider-trading prosecutions related to the breach
Former CIO Jun Ying pleaded guilty to selling company stock before the breach was disclosed. Former manager Sudhakar Reddy Bonthu also pleaded guilty in a related insider-trading case.
2017
2017 data breach
Attackers exploited a known vulnerability in an Equifax web application and accessed highly sensitive personal information belonging to approximately 147.9 million U.S. consumers, as well as some U.K. and Canadian residents. The incident resulted in regulatory action, consumer lawsuits, executive consequences, and a major settlement.