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Equifax Settlement: How to choose between free credit monitoring and $ 125 cash


Angela Lang / CNET

If you read this, you – or someone you know – were probably affected by the Equifax Privacy Breach of 201

7 which exposed 147 million people to hackers' personal information. (To verify that you were part of the violation and are therefore entitled to claim for reimbursement of costs and losses, visit the official website for data breach resolution where you enter your last name and the last six digits of your social security card If your information has been uncovered in the vulnerability, you probably know that you can claim reimbursement of the costs and time it takes to recover from the vulnerability as part of the class action lawsuit between Equifax and the Federal Trade Commission.

By Settlement allows you to file claims for multiple benefits so that you will not be prevented from receiving other benefits by filing a claim, and you must submit it by January 22, 2020. (The FTC said that fake settlement sites are emerging, so be sure you at the rich

While the other claims you can claim are straightforward, one gives you the choice: Request $ 125 or 10 years of credit monitoring . You may be tempted to accept cash, but first consider what options you have.

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Should you take the $ 125 or free credit check?

You may submit a claim for 10 years of free credit monitoring or instead submit a payment of $ 125 if you already have a service that provides credit monitoring when applying. The following should be considered in the selection.

Option 1: Take the money after six months of surveillance and keep everything that is left after six months. To claim the $ 125 you must confirm that you are using a credit monitoring service at the time of submitting your claim and keeping it for six months. Credit inquiry services can cost $ 10 to $ 30 per month – or you can use a free service such as Credit Karma – but if you choose one of the cheaper services, you can go away with $ 60 or so.

Option 2: Sign up for 10 years of credit monitoring and sleep better. $ 125 is a good sum. Ten years of a credit monitoring service could add up to $ 1,200 to $ 3,600 over time. Which is a bigger sum.

Of course, the choice you make is entirely up to you. We can not do it for you.

If you are the type who would like to hedge your bets, it would be good to sign up for a service for six months and then request payment. And if you're worried about identity theft and fraud at night, free 10-year surveillance may be the right choice to calm down. Whichever way you go, your choice does not preclude you from claiming for other benefits.

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