Numerous people have already filed a claim against Equifax to receive a $125 payment. This payment is being offered to those who have had their information compromised in the credit monitoring company’s system. Another option that consumers have is free credit monitoring. This is likely the best option that could be chosen because there are indications that consumers won’t receive the full $125 payment.
There has been a massive response from those who have selected to receive the payment. Equifax recently entered into an agreement with the FTC, agreeing to do what they can to make things right with those who have had their personal information compromised or listed in a data breach. Since there have been so many people who have filed claims, it means that the payments will likely be much less than the $125 that was initially expected. It’s possible that consumers will only get a small fraction of that amount, which is why FTC directors are urging consumers to choose the free credit monitoring option instead.
Equifax entered an agreement that the company would pay out up to a certain amount for claims filed. There is only about $31 million that the company has put aside for cash payments. As more people file claims and select the cash option, it reduces the amount that people will receive. Those who choose the free credit monitoring option will have their credit information tracked and any details that could be used in a negative way sent to the consumer. There is also information about how to stop an identity thief and how to prevent it from happening in the first place. Those who want to change their selection must write to Equifax instead of changing their choice online. However, neither option will likely begin until sometime in 2020 instead of in 2019.