Business
Equifax allegedly near deal to pay about $ 700 million over data breach
Settlement funds will go towards compensating consumers for the cost of data outbreaks in 2017, the Wall Street Journal reported and The New York Times reported Friday, referring to people near the case.
The hack, the largest in US history, revealed sensitive information, including names, social security numbers, driver's license numbers and addresses.
The amount of settlement can be changed depending on the number of claims still to be filed by consumers, Journal says.
Negotiations with the Federal Trade Commission, the Consumer Financial Protection Bureau and most state lawyers in general also require several changes in how Equifax handles private user data, according to the reports. It could be announced as early as Monday.
Equifax did not immediately respond to CNN Business's comment request.
Equifax first informed the hacking in September 201[ads1]7, three months after the company discovered the breach.
Hackers exploited a security error in a tool designed to build web applications to steal customer data. Equifax admitted that it was aware of the security error for a full two months before the company said that hackers first accessed their data.
It has said that the damage exceeded $ 350 million.
The data breach led Richard Smith's resignation to be denied and investigations by federal regulators, several states' lawyers in general, and the company is facing a number of civil cases.
