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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 one of the top financial analysts working today. His book "Overdrawn: The Bailout of American Savings" was a prescient look at the anatomy of the nation's S&L crisis, long before the word "bailout" became part of our daily lexicon. He's a Pulitzer Prize-nominated writer and reporter, lauded by the Columbia Journalism Review for his aggressive style. His 30-year track record as a leading tech analyst has garnered him rave reviews, too. Today he is the editor of the monthly tech investing newsletter Nova-X Report as well as Radical Technology Profits, where he covers truly radical technologies – ones that have the power to sweep across the globe and change the very fabric of our lives – and profit opportunities they give rise to. He also explores "what's next" in the tech investing world at Strategic Tech Investor.