Technology: Bad news: Your $125 Equifax data breach payout is pretty damn unlikely - PressFrom - US
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TechnologyBad news: Your $125 Equifax data breach payout is pretty damn unlikely

13:36  14 august  2019
13:36  14 august  2019 Source:   cnet.com

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The problem is, your $ 125 compensation for the grief you went through to recover from the hack may not add up to $ 125 . Here's the problem. Equifax has agreed to pay up to 0 million to compensate the 147 million victims of the data breach , but the pool of money set aside for the $ 125 payout is

Filling out a claim for the Equifax data breach can take just a minute or so. Equifax has agreed to pay nearly 0 million to settle claims related a massive Equifax agreed Monday to the huge payout to settle state and federal investigations of the data breach . The agreement, which has to be approved

If you've been affected by the 2017 Equifax data breach, you have a choice to make -- get a $125 payout or 10 years of free credit monitoring. The problem is, your $125 compensation for the grief you went through to recover from the hack may not add up to $125. The FTC has cautioned that if everyone eligible requests the money over the monitoring, your benefit will be "nowhere near the $125."

Bad news: Your $125 Equifax data breach payout is pretty damn unlikely© Provided by CBS Interactive Inc. You could get less cash back in the settlement than you think. Angela Lang/CNET

Here's the problem. Equifax has agreed to pay up to $700 million to compensate the 147 million victims of the data breach, but the pool of money set aside for the $125 payout is only $31 million, according to the FTC . That works out to about 20 cents per person.

Equifax to pay up to $650 million in data breach settlement

Equifax to pay up to $650 million in data breach settlement Equifax to pay up to $650 million in data breach settlement.

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That $ 125 payment from Equifax ? You shouldn't count on it. By Aimee Picchi. The 148 million consumers impacted by the Equifax date breach can request a $ 125 cash payment to If the claims exceed that amount, the per person payout "will be lowered and distributed on a proportional basis

You do have another option, though. You could also choose 10 years of free credit monitoring. And that is the choice the FTC is pushing.

"Frankly, the free credit monitoring is worth a lot more -- the market value would be hundreds of dollars a year," the FTC said on its website. "And this monitoring service is probably stronger and more helpful than any you may have already."

Bad news: Your $125 Equifax data breach payout is pretty damn unlikely© Provided by CBS Interactive Inc.
Equifax breach: Find out if you can claim part of the $700 million

As part of the settlement reached between the FTC and the free credit report company, you can also file claims to be reimbursed for time spent recovering from fraud and identity theft, for money spent to protect yourself from the breach and for the cost of Equifax credit monitoring subscriptions. You can claim up to $20,000 in compensation, providing documents and receipts to support your claim.

Equifax settlement: Find if you are eligible, file a claim, see what you may get

Equifax settlement: Find if you are eligible, file a claim, see what you may get The data breach affected 147 million people. If you're one of them, here's how to submit a claim and be part of the FTC settlement.

Data breach victims who make a claim for $ 125 almost certainly won't ever see that sum. And there's a much better offer on the table: 10 years of free Why should you be skeptical that you'll ever see $ 125 from Equifax ? Because of this little disclaimer on the settlement breach website: "If there are more

An Equifax hack settlement promises a $ 125 payout . The bad news : Nearly half of all Americans were affected by the 2017 Equifax data breach , in which hackers stole personal data for more than 147 million people: credit card numbers, Social Security numbers and other identifying information.

We have a guide for how to choose between the options, if you are thinking through which is the better choice for you. And if you've already filed your claim, the FTC said you can change your mind. Watch for an email from the settlement administrator with instructions. Scammers are already setting up websites to trick victims, but they're easy to avoid as long as you know what you're looking for.

Bad news: Your $125 Equifax data breach payout is pretty damn unlikely© Angela Lang/CNET

Bad news: That $125 Equifax data breach payout is pretty damn unlikely.
You'll get less than 25 cents if every person claims their share.

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This is interesting!