![]() ![]() Immediately, the news sent chills throughout the US economy. Equifax has created a website where you can find out if you have been affected by the breach. The fund would be modeled after other successful victim compensation funds such as the September 11th Victim Compensation Fund and the Deepwater Horizon Settlement Fund. On September 7, 2017, the Big 3 credit agency Equifax disclosed that they had suffered a catastrophic data breach, with initial estimates saying data was stolen from north of 1 40 million American consumers. Moreover, this Note also recommends the creation of an independent victim recovery fund as a remedy for the Equifax data breach. ![]() This Note clarifies why class action lawsuits and arbitration are not viable legal remedies for massive data breaches where entities like credit reporting agencies are hacked, and in this instance, where Equifax was hacked. One of the largest credit reporting companies in the United States, Equifax, recently announced that its databases were breached in a massive cyberattack. The data breach affected approximately 145 million consumers and subsequently a wave of consumer class actions followed. On September 7, 2017, Equifax, one of three major United States credit reporting agencies announced one of the largest data breaches in the history of the United States. What happens when one’s sensitive information falls into the wrong hands? With the twenty-first century’s advancement of technology comes the increasing problem of data breaches wherein sensitive information is exposed. On September 7, 2017, the Big 3 credit agency Equifax disclosed that they had suffered a catastrophic data breach, with initial estimates saying data was. In September of 2017, Equifax announced a data breach that exposed the personal information of 147 million people. ![]()
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