The FTC says that, due to an overwhelming response, cash payments from the Equifax settlement aren’t going to be anywhere near $125 each.
Remember that $125 you could have gotten from the Equifax Inc. data-breach settlement? Yeah, never mind.
About 147 million people were affected by the 2017 Equifax EFX, -1.63% breach, but only $31 million was set aside for payments as part of the $700 million settlement, announced last week. A quick bit of math shows that for everyone to have gotten $125 from that pot, there would have to be only 248,000 claimants. While the FTC didn’t give a number, they said there were already “an enormous number of claims filed.
“So, if you haven’t submitted your claim yet, think about opting for the free credit monitoring instead,” the FTC said. “Frankly, the free credit monitoring is worth a lot more.”
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