This week, Equifax reported in on the costs associated with its massive data breach. As you’ll recall, the data breach exposed personal information from approximately 145 million Americans. The company’s CEO stepped down less than three weeks after the hack.
Shortly after taking over, interim CEO Paulino do Rego Barros, Jr., apologized and promised consumers a new credit monitoring tool in 2018 which will allow people to lock and unlock their Equifax credit files at will.
On a conference call on Friday, Barros apologized again and said that executives will not receive bonuses this year. On Thursday, the company announced that its third-quarter profits were down 27 percent. On top of that, it recorded $87.5 million last quarter in costs related to the breach and it expects to write down another $60 to $75 million this quarter.