If your personal information was disclosed as part of the 2017 Equifax breach, your $ 125 payout request may not nearly compensate you for the grief you've suffered to get away from the hack to recover. Nevertheless, it is something. However, in the first week, so many people were interested in applying for a cash payment that the FTC has pointed out that the benefit is "nowhere near the $ 1
The Reason According to FTC, Equifax has agreed to pay up to $ 700 million to compensate for the 147 million victims of the data breach, but the $ 125 million cash pool is $ 31 million. Rather than receiving an amount well under $ 125, you have the option of free credit monitoring for 10 years. And that's the FTC's choice: "To be honest, free credit monitoring is worth much more – the market value would be hundreds of dollars a year," the FTC said. "And this monitoring service is probably more powerful and helpful than anyone else you already have."
In the context of the settlement between the FTC and the free credit bureau, you can also claim for reimbursement of the time spent on recovery against fraud and identity theft, for money you spend to protect against violations, and for the costs of Equifax credit monitoring subscriptions. You can claim compensation of up to $ 20,000 by providing documents and supporting documents to support your claim.
We haveif you are wondering which one is the better choice for you. And if you have already filed your claim, the FTC has informed you that you can change your mind. Look for an email from the Settlement Manager with instructions.