Posted On: September 6, 2019

One of the nation’s big three credit score agencies, Equifax, will be paying up to $700 million to settle the investigations of its 2017 (making this the largest settlement for a data breach) cybersecurity data breach that compromised the information of 150 million people. Also, the breach impacts homeowners if their lender relied on their Equifax score to figure out if they had a good enough credit score. 

However, the settlement will include payments to affected customers, fines, and the other various amounts of mandated changes to Equifax’s business practices to better protect there consumers’ personal data.

Furthermore, the California Attorney General Xavier Becerra said the following in a news conference:

“Equifax failed to protect consumers’ information and failed to enact reasonable security measures under California’s data security laws. That left very important personal information exposed and allowed hackers to steal consumers’ names, Social Security numbers, their birth dates, their addresses, and in some instances, their driver’s license number, and even credit-related information.”

Now under this settlement, Equifax will be doing the following with the $700 million:

-$425 million to reimburse victims from the security breach

-$175 million to states and invest more in its own cybersecurity

-$100 million to settle a federal investigation into the data breach by the Consumer Financial Protection Bureau

This settlement will hopefully improve the data security moving forward and should also ensure that their consumers harmed by this act can receive some help too. 

Now this situation has scammers still going for their consumers’ money. The Florida Attorney General Ashley Moody had the following to say regarding scammers in Florida:

 “People are trying to take advantage of those that have already had their personal information taken through this historic data breach. They are now asking them to go to a false, fraudulent website and again enter and expose their personal information.” 

However, SETCO has your back. We want to make sure that we have the best available technology to secure the closing process for you, which is why we use Qualia. Qualia offers customer isolation, data encryption, firewalls, spoofing, and sniffing protections, port scanning, hardened hosts, and configuration scanning and history. All of that just falls under infrastructure and network security. They also offer secure design and frameworks, with security testing of every update. Qualia takes security and quality of service very seriously! We are excited to be able to offer you their unparalleled platform, making your closing experience the absolute best available. 

We also recommend that you keep your email accounts safe, using strong passwords that include 12 characters or more; Utilize all of the following when creating a password: Uppercase & lowercase letters, numbers, and special characters (!@#$); do NOT use your email on public devices;  refrain from telling the world about your closing; when you meet with your closing agent, keep the phone number you receive directly from them handy, and use it to verify any closing instructions or bank account numbers that you have been sent over email or text