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PSA - FTC warns against choosing Equifax $125 cash settlement option, wants us to choose credit monitoring
I just received this email from Equifax Data Breach Settlement (ftc.gov):
https://www.ftc.gov/enforcement/c...settlement
FTC is trying to deter people from choosing the cash option:
From the FAQs:
Update: After I originally created this thread, the FTC appended FAQ #5 with the following:
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):
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]
https://www.ftc.gov/enforcement/c...settlement
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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. |
From the FAQs:
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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. |
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Quote
:
You can still choose the cash option on the claim form, but you will be disappointed with the amount you receive
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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 ServicesUp 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 b-t-1
December 1, 2019
at
09:16 AM
Heads Up!
The claim administrator is sending out emails instructing people to amend their claim with the name(s) of your "credit monitoring" service(s). My Mom got one, but we did not. I logged into my claim, and it did, indeed, want that information. I suspect lots of people won't receive the emails, and then they'll be denying claims en masse.
Due date to amend is October 15th.
Email text below
---
Your Claim Number: REDACTED
According to our records, you filed a claim for alternative compensation of up to $125 in connection with the Equifax data breach settlement and certified on the claim form that you had some form of credit monitoring or protection in place and will continue to have the credit monitoring in place for a minimum of six months from the date of your claim filing.
You must either verify or amend your claim by October 15, 2019.
If you do not, your claim for alternative compensation will be denied.
•To verify your claim for alternative compensation, you must provide the name of your credit monitoring service that you had in place when you filed your claim.
- OR -
•You can amend your claim to request free credit monitoring instead of alternative compensation.
The easiest way to verify or amend your claim is by visiting the official Settlement Website here.
The amount you receive in connection with your alternative compensation claim may be significantly reduced depending on how many valid claims are ultimately submitted by other class members for this relief. Based on the number of potentially valid claims that have been submitted to date, payments of these benefits likely will be substantially lowered and will be distributed on a proportional basis if the settlement becomes final. Depending on the number of valid claims that are filed, the amount you receive for alternative compensation may be a small percentage of your initial claim.
Please note that if you do not take action by October 15, 2019, your claim for alternative compensation will be denied.
You can also verify or amend your claim by sending us a letter stating either the name of the credit monitoring service you had in place when you filed your claim or that you wish to amend your claim to select credit monitoring instead. Please include your full name, claim number from the top of this email, and zip code to the address below:
In re Equifax Data Breach Settlement
c/o JND Legal Administration
PO Box 91318
Seattle, WA 98111-9418
Further information about your rights and options, including the right to exclude yourself from the settlement, is available at www.EquifaxBrea
This email is from the Court-appointed settlement administrator, not Equifax. Please do not contact Equifax with questions. To contact the settlement administrator, click here.
Email Disclaimer
The Equifax Data Breach Settlement Administrator will never ask you to provide sensitive information, such as, your Social Security Number or Tax ID, Bank Account Number, Credit Card Number, Driver's License or Passport Number, or Password, etc. via email. All email communications sent by the Equifax Data Breach Settlement Administrator OR on behalf of the settlement administrator will originate from [email protected], the official email address of the settlement. If you receive an email which you suspect to be fraudulent, do not reply or do anything it instructs you to do, but immediately forward it to [email protected].
The claim administrator is sending out emails instructing people to amend their claim with the name(s) of your "credit monitoring" service(s). My Mom got one, but we did not. I logged into my claim, and it did, indeed, want that information. I suspect lots of people won't receive the emails, and then they'll be denying claims en masse.
Due date to amend is October 15th.
Email text below
---
Your Claim Number: REDACTED
According to our records, you filed a claim for alternative compensation of up to $125 in connection with the Equifax data breach settlement and certified on the claim form that you had some form of credit monitoring or protection in place and will continue to have the credit monitoring in place for a minimum of six months from the date of your claim filing.
You must either verify or amend your claim by October 15, 2019.
If you do not, your claim for alternative compensation will be denied.
•To verify your claim for alternative compensation, you must provide the name of your credit monitoring service that you had in place when you filed your claim.
- OR -
•You can amend your claim to request free credit monitoring instead of alternative compensation.
The easiest way to verify or amend your claim is by visiting the official Settlement Website here.
The amount you receive in connection with your alternative compensation claim may be significantly reduced depending on how many valid claims are ultimately submitted by other class members for this relief. Based on the number of potentially valid claims that have been submitted to date, payments of these benefits likely will be substantially lowered and will be distributed on a proportional basis if the settlement becomes final. Depending on the number of valid claims that are filed, the amount you receive for alternative compensation may be a small percentage of your initial claim.
Please note that if you do not take action by October 15, 2019, your claim for alternative compensation will be denied.
You can also verify or amend your claim by sending us a letter stating either the name of the credit monitoring service you had in place when you filed your claim or that you wish to amend your claim to select credit monitoring instead. Please include your full name, claim number from the top of this email, and zip code to the address below:
In re Equifax Data Breach Settlement
c/o JND Legal Administration
PO Box 91318
Seattle, WA 98111-9418
Further information about your rights and options, including the right to exclude yourself from the settlement, is available at www.EquifaxBrea
This email is from the Court-appointed settlement administrator, not Equifax. Please do not contact Equifax with questions. To contact the settlement administrator, click here.
Email Disclaimer
The Equifax Data Breach Settlement Administrator will never ask you to provide sensitive information, such as, your Social Security Number or Tax ID, Bank Account Number, Credit Card Number, Driver's License or Passport Number, or Password, etc. via email. All email communications sent by the Equifax Data Breach Settlement Administrator OR on behalf of the settlement administrator will originate from [email protected], the official email address of the settlement. If you receive an email which you suspect to be fraudulent, do not reply or do anything it instructs you to do, but immediately forward it to [email protected].
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"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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