10 years of free credit monitoring is looking pretty good now.
The $700 million Equifax data-breach settlement presents a relatively simple choice to affected consumers: Would you rather get paid $125, or go for the 10 years of free credit monitoring?
“A large number of claims for cash instead of credit monitoring means only one thing: Each person who takes the money option will wind up only getting a small amount of money,” said Robert Schoshinski, assistant director of the FTC’s Division of Privacy and Identity Protection. Benefits include payments up to $20,000, but only if class-action members can show they’ve been harmed in the breach.
The overall retail cost of the monitoring $1,920 per person, according to filings from the plaintiffs’ lawyers. ****
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