WASHINGTON (AP) — Following an announcement Monday, consumer credit reporting agency Equifax agreed on a settlement with the Federal Trade Commission that will pay up to $700 million.
The settlement comes as a result of a data breach in 2017 which exposed private information, including the social security numbers of nearly 150 million people.
According to New York Gov. Andrew Cuomo and New York Attorney General Letitia James, Equifax and the state of New York agreed on a $19.2 million settlement.
According to Cuomo, "credit rating agencies have a responsibility to safeguard consumers' financial and personal information, and this egregious data breach and the agency's response was completely unacceptable."
Equifax will pay up to $425 million in restitution, along with providing New York customers with free credit monitoring services, and annual credit reports for five years.