FTC Says You Won’t Get That $125 from The Equifax Breach

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Well, this isn’t exactly the best way to start off the day… The FTC (Federal Trade Commission) has spoken publicly on the Equifax Breach and their promise to pay you at least $125 and what they’re saying is you WON’T be getting that money after all…


Yes, I am upset too because my husband and I were among the millions that were affected by this data breach.

Just last week we posted about how Equifax was trying to make things right by offering 4 years of credit monitoring for free OR a minimum of $125.

I filed my claim along with husband and even though we received confirmation of our claims, we are now being told we won’t be getting the money. In fact, we’d be lucky if we saw even a small sliver of that amount.


According to the FTC, consumers affected by the Equifax data breach that they are unlikely to get the full $125 cash payment that many sought. The reason: too many people applied for the cash payment.

But there’s a downside to this unexpected number of claims. First, though, the good: all 147 million people can ask for and get free credit monitoring. There’s also the option for people who certify that they already have credit monitoring to claim up to $125 instead. But the pot of money that pays for that part of the settlement is $31 million. A large number of claims for cash instead of credit monitoring means only one thing: each person who takes the money option will wind up only getting a small amount of money. Nowhere near the $125 they could have gotten if there hadn’t been such an enormous number of claims filed.


So, basically, if that is what you applied for and were under the impression of getting sometime in the future, don’t hold your breath.

If you do happen to get a cash payment, it’s going to be nowhere near that $125 which is also quite crappy for the people who are submitting claims for much more than that. It’ll probably be more like pennies.

So, what can you do now?

Well, the FTC is urging those that haven’t filed a claim yet to take the free credit monitoring, claiming:

Frankly, the free credit monitoring is worth a lot more – the market value would be hundreds of dollars a year. And this monitoring service is probably stronger and more helpful than any you may have already, because it monitors your credit report at all three nationwide credit reporting agencies, and it comes with up to $1 million in identity theft insurance and individualized identity restoration services.


And if you’ve already submitted your claim, there is an opportunity for you to change your mind – oh how nice of them!

People who already submitted a claim for the alternative cash payment can change their mind. Apparently, the settlement administrator will be sending an email to those who chose the cash option with information on how to switch to free credit monitoring if they wish.

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