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CA Attorney General Announces Equifax Settlement, What It Means For You

California's attorney general is claiming a major financial victory on behalf of the public following a settlement by credit-reporting company Equifax. The settlement is a result of state and federal investigations into an enormous data breach, and will require the company to pay as much as $650 million. The breach in 2017 compromised 143 million Americans' personal information, including Social Security numbers.

Xavier Becerra on Monday held a news conference to announce the details of what he's believes is the largest settlement of its type. The announcement coming after California and other states sued Equifax, arguing that the company had been negligent.

Equifax will be required to set up a $300-million restitution fund for people whose data was exposed. That could go as high as $425-million. Equifax also will pay a $175-million fine to the states and a $50-million fine to the Consumer Financial Protection Board.

KFBK financial expert Kelly Brothers suggests this would be a good time to check your Equifax credit report. He notes that you have the option of "freezing" your credit to prevent any misuse of your personal data, but he also says you would have to go through a simple process of undoing that action before you could apply for something like a home or car loan.


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