![]() That service provides 10 years of free credit monitoring: four years via the three major credit bureaus (Equifax, Experian and TransUnion) and six years through Equifax.Įquifax again highlighted this point in the email it sent on Sunday to people who had filed claims. The agency urged people affected to take the free credit monitoring offer instead. That money is part of a larger $300 million settlement fund, the rest of which would pay for Equifax’s own free credit monitoring services.Ī week after the settlement website went live in late July, millions of people had logged on, prompting the FTC to warn that each individual settlement check is likely to be “nowhere near” the $125 originally promised. You'll get 'nowhere near' the full $125 from Equifax, the FTC saysīut only $31 million of that total settlement was earmarked for cash payouts, to be distributed among everyone with a valid claim. (Photo by Smith Collection/Gado/Getty Images) Smith Collection/Gado/Getty Images That meant anyone affected by the breach who already had credit monitoring in place could file a claim to receive cash compensation.Ĭlose-up of the hand of a man holding a mobile phone open to the web site of credit bureau Equifax, with text on the website reading "Equifax Cybersecurity Incident", providing steps for consumers to take following a security breach at the company, San Ramon, California, September 28, 2017. Equifax was ordered in July by the Federal Trade Commission to pay up to $700 million in individual compensation and civil penalties because of the hack. The step is for compensation - meant to subsidize outside credit monitoring services people had already paid to put in place - that’s likely to be less than $125 anyway. Alternatively, people can “amend” their claim by signing up for the free credit monitoring service provided by Equifax, forgoing the cash settlement. This new step must be completed by October 15, otherwise the claim for the cash compensation will be denied. ![]() People seeking the $125 compensation must “verify” their claim by providing the name of the credit monitoring service they had in place when they filed it, and the service must remain in place for at least six months after filing. ![]() (EFX) on Sunday sent notices to people who had filed requests for cash settlements informing them of a required step in order to receive the money. People whose data was compromised by the 2017 Equifax breach and are seeking compensation must take an additional step to have a shot at getting their $125 cash payout. ![]()
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