FTC Now Requesting Additional Documentation for Equifax Cash Settlement
The Federal Trade Commission is now requesting additional documentation for Americans affected by the Equifax data breach. Consumers who chose the $125 cash settlement option must now provide proof that they have credit monitoring in place in order to receive compensation.
The FTC sent out an email to settlement applicants who turned in their claims before August 2, 2019. The email directs to the settlement website, where participants can amend or verify their claim. This option is only available through October 15, 2019.
Of the $700 million allotted for the Equifax settlement, only $31 million was set aside for the cash offer. That only provides $125 for 248,000 people, but an estimated 147 million were affected by the breach. The FTC says, “The public response to the settlement has been overwhelming…Each person who takes the money option is likely 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.”
Merely a week after the settlement was announced, the FTC began urging applicants to choose the free credit monitoring option. This service is technically worth more than $125, but most consumers still opted for the cash offer. In the FAQ section about the settlement, the FTC says, “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.”
If you were a victim of the Equifax data breach and would like to switch to the free credit monitoring offer, follow the link in your email or submit your claim number on the settlement website. If you cannot find the email, you may need to check your spam folder.