FTC Tells Equifax Victims to Opt for Credit Monitoring Over $125

[Porthos]

The Federal Trade Commission (FTC) says that Equifax data breach victims who already have credit monitoring and opted to get a $125 cash payment might not get it in full and should choose the free credit monitoring option instead.

Equifax disclosed the data breach which exposed the sensitive information of roughly 147 million people during September 2017. Under the settlement agreed upon with the FTX on July 22, Equifax said that it will spend up to $425 million to help the breach victims.

As part of the settlement, Equifax offered the victims the option to choose between 10 years of free credit monitoring (4 years with Equifax, Experian, and TransUnion, and 6 more only with Equifax) or a $125 cash payment.

The consumer credit reporting agency also agreed to reimburse the victims for their time and cash payments up to $20,000, as well as provide them with at least 7 years of free identity restoration services.

https://www.bleepingcomputer.com/ne...ictims-to-opt-for-credit-monitoring-over-125/

 

[Mercenary Roadie]

Yup, another none settlement, settlement.

 

[JoeTech]

Yes your more likely now to get a check for $1.25 2 years from now instead. From my understanding you would only get the full $125 if less than 248,000 out of 145 million filed for the cash payment. It seems like they only offered the cash payment as a mirage expecting no one to find out about it or everyone to sign up for crappy credit monitoring instead.

 

[Galdorf]

Wow they get a slap on the wrist it not just security according to court documents on cases against Equifax that 40% of of total credit data is inaccurate or plain wrong i have been trying to fix the data they have on me for years have faxed them 4 times the correct data they keep saying they lost it i gave up.
They have thousands of court cases where people wanted to start a business and were turned down by bank due to wrong information on their records i don't know where they get the info but much of mine was also wrong was another person with same name.