Did You Get Your Equifax Settlement?
Settlement Drained in a WeekSo many people have made claims in the data-breach settlement against consumer credit rating agency Equifax that, according to the Federal Trade Commission, each claimant is now likely to get “nowhere near” the $125 payout that was initially promised to victims in lieu of free credit monitoring. The FTC outlined the problem in a blog post on July 31st, just days after the settlement was reached and the claims process was launched.
Instead of requesting a cash payout, the FTC is now encouraging claimants to choose free credit monitoring services, in exchange for joining the settlement and dropping their legal claims against Equifax.
The settlement has been widely trumpeted as offering a $125 cash payout to victims of the September 2017 hack who already have credit monitoring service. But the FTC’s information page about the settlement now emphasizes that all victims should take the offer of up to 10 years of free credit monitoring instead. The FTC goes on the explain that, while “you can still choose the cash option . . . you will be disappointed with the amount you receive,” and that “the free credit monitoring [option] provides a much better value.”