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


Angela Lang / CNET

If you read this, you – or someone you know – were probably affected by the Equifax data 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 found in the vulnerability, you probably know that you can claim reimbursement of the costs and time it takes to repair the vulnerability as part of the class action lawsuit between Equifax and the Federal Trade Commission. Break.

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 settlements are emerging, so be sure you are in of the real. Apply for Credit Over 125 USD or 10 Years . You might be tempted to avail the cash, but first consider what options you have – especially if the FTC announced last month that due to the overwhelming response to the agreement the amount you receive To cover the cost, surveillance can be much less than $ 125.

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Should you take the $ 125 or free credit monitoring?

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 offering Credit Monitoring when applying. The following should be considered in the selection.

Option 1: Take the money after signing up for six months to monitor and keep everything that's 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. Note: The FTC announced last month that you might receive less than $ 125 due to the tremendous response to the deal.

Option 2: Sign up for a 10-year credit check 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. And the FTC strongly recommends that you choose the 10-year free monitoring of credit over cash.

The choice you make is of course entirely up to you. We can not do it for you.

If you're the type who likes to hedge your bets, it would be good to sign up for a service for six months and then request the 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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