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Equifax Inc. (NASDAQ: EFX) recently settled with the Federal Trade Commission over its massive 2017 consumer data breach, and it's big.
Just look at the sheer scope of it.
The credit reporting agency agreed to pay up to $700 million to settle claims brought by the FTC and most of the states' attorneys general in a breach that saw more than 147 million people's data exposed. Equifax was even compelled to set up a website that consumers could access to determine whether or not their data was included in the breach.
Consumers affected by the breach have a choice; they can opt for 10 years of free credit monitoring, or they may file claims for anywhere from $125 to a maximum of $20,000.
Those dollar figures have brought some significant media attention, with the majority of stories focusing on how affected consumers can make their choice and file their claim.
But here's the thing: With just $31 million of that $700 million settlement set aside for financial claims, it's at least theoretically possible individual consumers could collect as little as twenty cents ($0.20) each for their trouble.
But I think consumers should get some real, substantial compensation after all the hassles they've been through. In fact, my wife and I were affected ourselves, and for a time, it was a big pain in the neck.
So today, I'm going to set Money Morning Members up much better than Equifax and the FTC ever could…
About the Author
Michael A. Robinson is a 35-year Silicon Valley veteran and one of the top technology financial analysts working today. He regularly delivers winning trade recommendations to the Members of his monthly tech investing newsletter, Nova-X Report, and small-cap tech service, Radical Technology Profits. In the past two years alone, his subscribers have seen over 100 double- and triple-digit gains from his recommendations.
As a consultant, senior adviser, and board member for Silicon Valley venture capital firms, Michael enjoys privileged access to pioneering CEOs and high-profile industry insiders. In fact, he was one of five people involved in early meetings for the $160 billion "cloud" computing phenomenon. And he was there as Lee Iacocca and Roger Smith, the CEOs of Chrysler and GM, led the robotics revolution that saved the U.S. automotive industry.
In addition to being a regular guest and panelist on CNBC and Fox Business Network, Michael is also a Pulitzer Prize-nominated writer and reporter. His first book, "Overdrawn: The Bailout of American Savings" warned people about the coming financial collapse - years before "bailout" became a household word.
You can follow Michael's tech insight and product updates for free with his Strategic Tech Investor newsletter.