Equifax is nearing a deal to pay about $700 million to settle U.S. data-breach probe: WSJ

FILE PHOTO: Credit-reporting company Equifax Inc. the offices are pictured in Atlanta, Georgia, USA, September 8, 2017. REUTERS/Tami Chappell

(Reuters) – Credit reporting company Equifax Inc (EFX.(N) is close to a deal to pay about $700 million to settle data breach probe by US regulators and states, the Wall Street Journal reported on Friday, citing people familiar with the matter.

Equifax will be the amount to settle with the Federal Trade Commission, the Consumer Financial Protection Bureau and most state attorneys general, the Journal reported.

Equifax said it had no comment on the WSJ report.

The 2017 data breach at the company for more than 143 million people around the world.

The amount to be paid by the company should be able to change it, depending on the number of claims ultimately submitted by the consumer, according to the report, which added that the scheme could be announced as soon as Monday.

The plan must be for the credit reporting firm to make changes to how it is protecting, and processing data of the consumers, the wall street journal said.

A fund will be set up in order to compensate consumers for the harm they have suffered as a result of the violation, in accordance with the arrangement are reported by the media.

Reporting Kanishka Singh in Bengaluru; editing by Leslie Adler and G Crosse

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