Equifax breach settlement: You’re not getting that $125. Here’s why.

by Editorial Team

If you were hoping to get $125 from the Equifax breach settlement – rather than signing up for free credit monitoring – expect to get a much smaller check.

The response to the settlement “has been overwhelming” since it was announced last week, according to the settlement website at the Federal Trade Commission. So much so that the site is warning consumers that they will get “nowhere near the $125 they could have gotten if there hadn’t been such an enormous number of claims filed,” the site now says under the FAQs.

Only $31 million had been allotted to reimburse people who had been victims of the massive data breach in 2017 and who signed up for a credit monitoring service in response. About 147 million Americans were affected by the breach. 

The alternative is to take the guaranteed free credit monitoring at the three main bureaus  – Equifax, Experian and TransUnion – for up to 10 years, plus $1 million in identity theft insurance. The site says the market value of these services is hundreds of dollars a year.

You can still choose the $125 cash option on your claim form, but the site warns that you will be “disappointed with the amount you receive and you won’t get the free credit monitoring.”

Those who have already filed a claim will get an email that allow them to switch from the cash option to the free credit monitoring if they want.

Other options from Equifax settlement

Starting next year, all Americans will be entitled to six free Equifax credit reports each year for seven years. This can help you to monitor for any illegal activity. All U.S. consumers are also entitled to get free identity theft recovery services for the next seven years.

https://www.usatoday.com/story/money/2019/07/31/equifax-cant-pay-full-125-breach-settlement-claims/1879942001/

Related Posts

Leave a Comment