Mar 162013
 
 March 16, 2013  Breaches, Business

Back in October, Equifax and the Federal Trade Commission (FTC) agreed to settle charges that Equifax violated the Fair Credit Reporting Act and Section 5 of the Federal Trade Commission Act by improperly selling lists of millions of consumers who were late on their mortgages.

In settling the FTC’s complaint, Equifax agreed to pay its full $392,803 gross revenues as disgorgement of its ill-gotten gain from the conduct challenged by the Commission’s complaint.  The order also prohibits Equifax from 1) furnishing prescreened lists to anyone that it does not have reason to believe has a permissible purpose to receive them; 2) failing to maintain reasonable procedures designed to limit the furnishing of prescreened lists to anyone except those who have a permissible purpose to receive them; and 3) selling prescreened lists in connection with offers for debt relief products or services and mortgage assistance relief products and services, when advance fees are charged, with limited exceptions.

Following a period of public comment, the Commission vote approving the final order by a vote of  3-0-2, with Commissioner Joshua D. Wright and former Chairman Jon Leibowitz not participating.

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