You may not get that $125 from Equifax because an “unexpected” amount of people opted for the cash payment
(WOLO) – The FTC is warning people that they may not get the $125 payment they opted for after being affected by Equifax’s 2017 data breach.
It says an unexpected amount of interest in the cash payment may mean consumers who chose this option might end up getting far less than the expected amount.
The Federal Trade Commission announced the settlement with Equifax on July 22. It included at least $300 million and potentially up to $425 million to help consumers recover from the breach. Consumers impacted by the breach can choose free credit monitoring services or, alternatively, a cash payment if they already have credit monitoring.
A blog post on the FTC page Wednesday (7/31) says the public response to the settlement has been overwhelming. The FTC says because the amount of money set aside for the cash payment option is capped at $31 million, consumers who select that option may not receive the $125 they had expected.
Because of that, you may want to consider selecting the free credit monitoring.
The FTC says the credit monitoring is worth hundreds of dollars and comes with identity theft insurance and restoration services.
For consumers who have already chosen the cash option, the settlement administrator will e-mail those consumers and provide them with the opportunity to either (1) submit additional information, or (2) switch to the free credit monitoring service. Consumers can also contact the settlement administrator directly.
The blog post noted there is still money available under the settlement to reimburse people for what they paid out of their pocket to recover from the breach.