FTC: Equifax might run out of settlement money

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Because of a large interest in the payment option, the FTC said people who choose this might not get the full $125

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TOPEKA, Kan. (KSNT) – The Federal Trade Commission warned that people who are trying to get the $125 check from Equifax following the data breach might not get all of the money.

In 2017, hackers broke through Equifax’s security system and exposed highly personal data that affected more than 147 million customers, about 56 percent of Americans, making it the largest-ever breach of consumer data.

After a settlement was reached, up to $425 million was set aside to help people affected by the data breach. They had the option of signing up for a free credit monitoring service or if they already had a credit monitoring service, they could file to receive a check for $125.

MORE – See if you’ve been affected by the data breach and file a claim

Because of a large interest in the payment option, the FTC said people who choose this might not get the full $125.

“Because the amount of money set aside for the cash payment option is capped at $31 million, consumers who select that option may not receive the $125 they had expected,” the FTC said.

The FTC is encouraging people who were affected to opt for the credit monitoring option but said that those who have already submitted a claim for the check should keep an eye out for an email from a settlement administrator.

“They’ll be asking you for the name of the credit monitoring service you already have,” the FTC said. “Or if you want to change your mind, you’ll have a chance to switch to the free credit monitoring. You can also email the settlement administrator, JND, at info@EquifaxBreachSettlement.”

In a blog post, the FTC noted there is still money available under the settlement to reimburse people for what they paid out of their pocket to recover from the breach.

The settlement had a separate portion of money allocated to reimburse consumers who paid for extra services after their data was compromised.

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