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PSA - FTC warns against choosing Equifax $125 cash settlement option, wants us to choose credit monitoring

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I just received this email from Equifax Data Breach Settlement (ftc.gov):

https://www.ftc.gov/enforcement/c...settlement

Quote :
Updated information about the Equifax Data Breach Settlement is available at ftc.gov/Equifax. We have provided additional details about the amount of money available to pay certain types of claims, including the cash alternative to free credit monitoring. Based on this new information, people may wish to change their claims. The updated page includes information about how to do that, too.

Visit ftc.gov/Equifax [ftc.gov] or read our new blog post [ftc.gov] for details.
FTC is trying to deter people from choosing the cash option:

From the FAQs:
Quote :
5. I thought I could choose $125 instead of free credit monitoring. What happened?

The public response to the settlement has been overwhelming. Millions of people have visited this site in just the first week. 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. Nowhere near the $125 they could have gotten if there hadn't been such an enormous number of claims filed.

The free credit monitoring provides a much better value, and everyone whose information was exposed can take advantage of it. If your information was exposed in the data breach, and you file a valid claim before the deadline, you are guaranteed at least four years of free monitoring at all three credit bureaus (Equifax, Experian, and TransUnion) and $1,000,000 of identity theft insurance, among other benefits. The market value of this product is hundreds of dollars per year.
Update: After I originally created this thread, the FTC appended FAQ #5 with the following:
Quote :
You can still choose the cash option on the claim form, but you will be disappointed with the amount you receive

Here is the list of "remedies" available, according to FTC (as commenters in thread have reported, the $125 cash option is still available on the actual claim form):
Quote :
Free Credit Monitoring and Identity Theft Protection Services

Up to 10 years of free credit monitoring. (Previously, a cash payment was identified as an option, but there are limited funds available. See FAQ 5 for details.) The free credit monitoring includes:
At least four years of free monitoring of your credit report at all three credit bureaus (Equifax, Experian, and TransUnion) and $1,000,000 of identity theft insurance.
Up to six more years of free monitoring of your Equifax credit report.
If you were a minor in May 2017, you are eligible for a total of 18 years of free credit monitoring.

Cash Payments (capped at $20,000 per person)

For expenses you paid as a result of the breach, like:
Losses from unauthorized charges to your accounts
The cost of freezing or unfreezing your credit report
The cost of credit monitoring
Fees you paid to professionals like an accountant or attorney
Other expenses like notary fees, document shipping fees and postage, mileage, and phone charges
For the time you spent dealing with the breach. You can be compensated $25 per hour up to 20 hours. There are limited funds available so your claim may be reduced. See FAQ 7 for more details.
If you submit a claim for 10 hours or less, you must describe the actions you took and the time you spent doing those things.
If you claim more than 10 hours, you must describe the actions you took AND provide documents that show identity theft, fraud, or other misuse of your information.
For the cost of Equifax credit monitoring and related services you had between September 7, 2016, and September 7, 2017, capped at 25 percent of the total amount you paid.

Even if you do not file a claim, you can get:
Free Help Recovering from Identity Theft

For at least seven years, you can get free identity restoration services. If you discover misuse of your personal information, call the settlement administrator at 1-833-759-2982. You will be given instructions for how to access free identity restoration services.

Free Credit Reports for All U.S. Consumers

Starting in 2020, all U.S. consumers can get 6 free credit reports per year for 7 years from the Equifax website. That's in addition to the one free Equifax report (plus your Experian and TransUnion reports) you can get at AnnualCreditReport.com. Sign up for email updates to get a reminder in early 2020.

Here are a few articles published today regarding FTC's latest communications and intent:

FTC: Equifax might run out of cash, so please take the credit monitoring [cnbc.com]

You won't see that $125 from Equifax, so don't bother claiming it, says FTC [techcrunch.com]
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Last Edited by Slee_Stack August 4, 2019 at 06:59 PM
Hah. Just like a lawyer to change the original wiki.


Back to the point...Lawyers get $78M. Consumers get $31M to split.


Of course a lawyer would think that's fair.





[First, kill all the lawyers]. -William Shakespeare's Henry VI

283 Comments

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#3
Not surprised. Maybe now the ads about "getting your free $125 check" will disappear from literally every damn place on the internet non-stop. It's been annoying as hell.
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#4
Noone ever gets the amount claimed in these settlements. It's always like 20 cents if you ever get it at all
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#5
Quote from BoboBrazil
:
Noone ever gets the amount claimed in these settlements. It's always like 20 cents if you ever get it at all
Only one that gets bank are the lawyers, as always.
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#6
lame!


"5. I thought I could choose $125 instead of free credit monitoring. What happened?
The public response to the settlement has been overwhelming. Millions of people have visited this site in just the first week. 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. Nowhere near the $125 they could have gotten if there hadn't been such an enormous number of claims filed.
The free credit monitoring provides a much better value, and everyone whose information was exposed can take advantage of it. If your information was exposed in the data breach, and you file a valid claim before the deadline, you are guaranteed at least four years of free monitoring at all three credit bureaus (Equifax, Experian, and TransUnion) and $1,000,000 of identity theft insurance, among other benefits. The market value of this product is hundreds of dollars per year.
You can still choose the cash option on the claim form, but you will be disappointed with the amount you receive and you won't get the free credit monitoring."
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#7
LOL Shocker
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#8
Sounds like Equifax made a deal with the FTC... screw the consumers they've already screwed once.
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#9
Quote from FTC.gov :
The market value of this product is hundreds of dollars per year.
Me: ThE mArKeT vAlUe Of ThIs PrOdUcT iS hUnDrEdS oF dOlLaRs PeR yEaR.

-_________________________-
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#10
Good deal, thumbs up! First, they take private information that I never authorized, stupidly lose it to some sweaty POS nerd, and now they don't want to pay for their idiocy.
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#11
I can honestly say that equifax is by far the most annoying and inept credit agency to deal with. I've literally been hung up on by outsourced indian reps
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#12
So if we already submitted for the $125 is it not coming 😨
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#13
Quote from epix1718
:
Sounds like Equifax made a deal with the FTC... screw the consumers they've already screwed once.
Yeah, the same deal they made originally. There was $31 million allocated for the payments, and 147 million eligible recipients. The amount everyone gets starts to drop below the $125 as soon as the number of people filing a claim exceeds 248,000, or 0.17% of those eligible.Anybody who thought they'd get any worthwhile amount of money out of it is really bad at basic math.
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#14
No one will be getting $125 Smilie
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#15
Quote from BoboBrazil
:
Noone ever gets the amount claimed in these settlements. It's always like 20 cents if you ever get it at all
I got the full $10 from the Red Bull settlment because it did not give me wings.
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