That $125 from Equifax? Probably not going to happen, FTC warns

National News

LAS VEGAS (KLAS) — The Federal Trade Commission is urging consumers to take the free credit monitoring option from Equifax rather than the $125 cash payment.

A blog post lays out the problem: There’s $31 million to split up for everyone who opts for the money. The more people who ask for the $125, the less each person will get. That’s the gist from Robert Schoshinski, Assistant Director, Division of Privacy and Identity Protection.

People who suffered monetary damages in the 2017 Equifax data breach will be paid from a different fund in the settlement. That fund contains $300 million, and could eventually pay out as much as $425 million.

If you are eligible for the $125 and you already have credit monitoring, you might have a better chance of getting paid.

According to the FTC’s website: “For consumers who have already chosen the cash option, the settlement administrator will e-mail those consumers and provide them with the opportunity to either (1) submit additional information, or (2) switch to the free credit monitoring service. Consumers can also contact the settlement administrator directly.”

More information is available at ftc.gov/Equifax.

  1. Click here to check with Equifax if they exposed your information. You will need to provide your last name and the last six numbers of your social security number.
  2. If you were affected, click here to file a claim with the FTC. You will again need to list some private information.
  3. Consumers can also upload supporting documents from time and money spent checking or recovering from identity theft. Equifax may provide a max of $20,000 in reimbursement for these expenses.

Alongside filing a claim in the Equifax settlement, consumers are also legally entitled to a free credit report once a year. To watch for suspicious activity, AnnualCreditReport.com offers a combined report from Equifax, Experian and Trans Union.

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