Choicepoint Security Breach Victims Still Not Paid

Do you remember when Choicepoint, a major supplier of consumer credit reports to major credit card and lending institutions, had a major security breach? Well, the people involved in that breach – or the people who’s personal credit histories and financial information was compromised, have not yet been paid their settlement out of a $5 million fund that was set up specifically to compensate them for the breach.

The Federal Trade Commission, or FTC, has been a little slow in implementing a clear cut process for how the approximately 800 financial fraud victims that have thus far been identified in the case, can access or receive compensation from the $5 million fund, and it hasn’t even hired anyone to actually get the administrative processes moving.

So far the excuse has been that they want to make sure that law enforcement and investigative agencies have identified all victims before they begin any type of distribution and so far, the currently identified victims do not seem to be complaining – at least not too loudly.

No one has said yet to what extent these people’s credit histories and personal financial information was compromised, but it must have been pretty bad – at least to the tune of 5 big ones.