$17.5 Million Settlement Proposed After 700Credit Breach Exposed Data of 5.8 Million Consumers
By CU Today Staff —
SOUTHFIELD, Mich.—A Michigan federal judge has granted preliminary approval to a $17.5-million settlement that would resolve litigation stemming from a 2025 data breach at 700Credit, a provider of credit-reporting, identity-verification and fraud-prevention services used by auto dealers and lenders, according to court filings and Bloomberg Law.
The settlement covers claims tied to a cyberattack that allegedly exposed the personal information of approximately 5.8 million consumers.
According to Bloomberg Law and court documents, the proposed settlement would provide cash payments and credit-monitoring benefits to affected consumers. Plaintiffs alleged that inadequate security safeguards allowed cybercriminals to access sensitive consumer data, including Social Security numbers, dates of birth and addresses.
Michigan Attorney General Dana Nessel said in a consumer alert issued after the breach was disclosed that the incident affected nearly six million people nationwide, including more than 160,000 Michigan residents. The company discovered the breach in October 2025 after attackers gained access to consumer information collected through dealership financing applications.
Court records show U.S. District Judge Robert White granted preliminary approval on June 4 and scheduled a final approval hearing for Dec. 15. 700Credit has denied wrongdoing but agreed to the settlement to resolve the litigation and avoid the uncertainty and expense of continued legal proceedings, according to Bloomberg Law and court filings.
Originally reported by CU Today.