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.
FTC urges victims to pick free credit monitoring
"Because the total amount available for these alternative payments is $31 million, each person who takes the money option is going to get a very small amount," the FTC says on the Equifax breach claim page.
"Nowhere near the $125 they could have gotten if there hadn’t been such an enormous number of claims filed," says FTC Assistant Director Robert Schoshinski at the Division of Privacy and Identity Protection in a press release published today.
The 147 million people who were impacted by the Equifax breach are also advised by the FTC to think about choosing ..
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