FORT WAYNE, Ind. (WPTA21) — The Federal Trade Commission says they have seen an overwhelming response to the Equifax data breach settlement, but says there is a downside.
The agency says millions of people have visited ftc.gov/Equifax and gone on to the settlement website’s claims form. The site offers free credit monitoring, or claiming up to $125 if they already have credit monitoring.
That $125 payment comes out of a $31 million pot. They say a large number of claims for cash instead of credit monitoring means they will wind up only getting a small amount of money, nowhere near the $125 they could have received.
There is still money available under the settlement to reimburse people for what they paid out of pocket to recover from the breach.
The FTC encourages people to pick the free credit monitoring option, which they say is worth a lot more. The credit monitoring monitors the credit report at all three nationwide credit reporting agencies and comes with up to 1 million in identity theft insurance and individualized restoration services.
People who selected the payout option will receive an email from a settlement administrator asking what credit monitoring service they have or if they want to change their mind.