In this CBS News video, you get to know how Equifax is being penalized for a 2017 data breach. It has to cough up $700 million for these federal charges. The FTC claimed that the credit reporting agency could not fix a network vulnerability for months. This affected 150 million people as it exposed personal data, social security numbers, and credit card details.
The company might also have to pay up $425 million to breached victims, where each consumer is being paid up to $20,000 in cash. Moreover, all U.S. customers will get six free credit reports from Equifax for 7 years.