Posted by Chuck on July 31, 2019
Deals

Published on July 31st, 2019 | by Chuck

73

Equifax: FTC Admits You’re Not Getting Anywhere Near $125 From Settlement

So we all knew this was coming, but now the FTC makes it official: you’re not getting anywhere near $125 from the Equifax class settlement. FTC has clarified that there’s a limited pot of money for that part of the settlement, and based on the large number of claims, each person will only get a small amount.

FTC Blogpost | FTC FAQ #5 | Our Original Post on the breach

…the pot of money that pays for that part of the settlement is $31 million. A large number of claims for cash instead of credit monitoring means only one thing: each person who takes the money option will wind up only getting a small amount of money. Nowhere near the $125 they could have gotten if there hadn’t been such an enormous number of claims filed.

The $125 figure is based on 248,000 people requesting cash payment. Should one million people request cash, the number will be more like $30. Should ten million people request cash, the number will be more like $3. Etc.

The FTC blogpost posits that the credit monitoring option is much more valuable. They’ll even be sending out an email with the option to change over from the cash payment to the credit monitoring option instead.

Frankly, the free credit monitoring is worth a lot more – the market value would be hundreds of dollars a year. And this monitoring service is probably stronger and more helpful than any you may have already, because it monitors your credit report at all three nationwide credit reporting agencies, and it comes with up to $1 million in identity theft insurance and individualized identity restoration services.

For those who have already submitted claims for this cash payment, look for an email from the settlement administrator. They’ll be asking you for the name of the credit monitoring service you already have. 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.

Truthfully, the monitoring might be more valuable. We don’t know how much the settlement will give each person, so it’s hard to gauge. They claim that their credit monitoring is “probably stronger and more helpful than any you may have already,” though I’m personally doubtful of that claim. The $1M in identity insurance is interesting – I believe some other companies have that as well, but I guess this would be an additional $1M of insurance should it come to that.

In the end, if it’s just $1-$5, I’d probably opt for the credit monitoring and insurance. If it’s more like $30, I’d maybe go for the cash. I like the transparency they’re coming out with, would be cool if they could add some sort of counter so we could know how many people opted for the cash settlement at the moment.

Another interesting tidbit found in the above text is that they’ll be asking for the name of the credit monitoring service you already have. I don’t know if that means they’ll try excluding free monitoring services (there’s no mention of that) or if they’re just trying to make sure people are being truthful that they do have some service.

One final note: this entire discussion revolves on the $125 or credit monitoring which anyone affected is eligible for. Separately, you can file a claim to be reimbursed for your time or expenses. Those come from a separate fund, and might not have limits or not have the same limits. More details in the original post.



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J
J

What could they possibly have been thinking offering the $125 in the first place?

Dan - Legal Bank Robber
Dan - Legal Bank Robber

They were thinking that it would look like Equifax actually suffered consequences. In the end Equifax laughed, Execs. got bonuses and consumers get screwed.

Facetious Frank
Facetious Frank

And politicians cash in.

CHUCKLEHEAD
CHUCKLEHEAD

Let’s make sure Bernie ousts them next time!

Gadget 🕵️

Yeah, in what crazy persons mind would say we have 147 million victims, but we only expect ONE PERSON out of each 592 victims will want cash over credit monitoring? I just have no words to express how stupid that sounds. They could offer the cream of the crop credit monitoring and insurance, and I’d bet at least 10% – 25% would still want cash. With the lack of details, and lack of trust, of course people are going to request their “$125”. It’s a smokescreen to say we paid our dues and let’s all move on.

wilsonhammer
wilsonhammer

Alternately, exclude yourself and file in small claims?

Dan
Dan

Fuck Equifax. Fuck this bullshit FTC leadership that somehow agreed to a 35 cents per person settlement.

Typical, Fuck you take our bullshit “credit monitoring” and shut up.

Fathiss
Fathiss

Do you know any other words?

Thinhiss
Thinhiss

Do you feel any other way except for the way Dan said it?

Dan - Legal Bank Robber
Dan - Legal Bank Robber

No other words needed.

Averagehiss
Averagehiss

What does that solve?

jeffrey
jeffrey

It solved nothing

albert
albert

I agree, why let them make it easy for themselves to look good. That being, they are “monitoring us all for our own safety” HOW DID THAT WORK LAST TIME?
“Trust us”
I’ll let them keep dealing with fraud and paying for it themselves, not my fault (not that it has happened to me, but I ain’t paying for their mistakes).
Maybe try something radical…. DONT USE SSN’s anymore? REISSUE THEM? USE SOMETHING ELSE? Use some of those millions to invent some system that isn’t garbage? Its all a joke.

jeffrey
jeffrey

agree with you.

satellite
satellite

Why is the pot of money fixed to such a low amount if FTC knew how many people were affected?

TravelingTricks.com

I hope it didn’t have anything to do with them being a gigantic financial institution with powerful lawyers and lobbyists and us being a bunch of cuckquean pawns in their business plan.

Julie
Julie

They just really don’t care

YoniPDX
YoniPDX

Insurance maybe worth it…… Maybe if you ever needed it …unless it was tied only to this breech and proving it was as a result of EQ breech.

That said, credit monitoring, had paid TU, EQ and EXP as well as MyFico..

Funny thing the free one CK credit.com, the free EXP credit score, monitoring as well others included with some CC.

The Free ones were always the fastest with email’s about HP after app a CC almost instantly to within a few minutes of hitting subbmit on CC, car loans and Mortgage apps.

Now the paid ones from big three and MyFico, E-mail or other notifications of HP could literally take 24 hours to get an email about a hard pull normally within 12 hours.

So how much is the paid monitoring worth??? The insurance I would want to read T&Cs.

Didn’t the the FTC get like 300+ Million in fines or other Govt agency

Dan
Dan

It’s worth almost nothing. The price is determined by demand, not by supply. Just cause someone is selling shit service for a hundred dollars, does not mean that’s the market price.

Mike L
Mike L

I’m all for a few dollars here or there when it comes to consumer goods being misrepresented or whatever – but this is quite different. This could affect a LOT of people, many years down the line. I wonder if the best option would just be to opt out.

Exclude yourself from the settlement: “You can exclude yourself from the settlement by informing the Settlement Administrator that you want to “opt-out” of the settlement. If the settlement becomes final, this is the only option that allows you to retain your rights to separately sue Equifax for claims related to the Data Breach. If you opt-out, you may not make a claim for benefits under the settlement.”

CHUCKLEHEAD
CHUCKLEHEAD

Yeah, sue em for all they (don’t) have!

TreeFoil
TreeFoil

I opted for the credit monitoring with all the recent breaches which makes it more worthwhile than the money imo. The cash amount is too negligible at this point.

Raylan
Raylan

EQ should have gotten the corporate equivalent of the death penalty but instead they’re getting the equivalent of a jaywalking fine.

Data breaches will continue until the regulators properly incent data security by levying harsh fines or withdrawing/invalidating a corporate charter.

Catapult
Catapult

Yeah about time FTC said something.
Ridiculous how the “Get your Free $125” was being sold everywhere on the internet and media.

Daniel Jones
Daniel Jones

Probably did that on purpose. They probably knew it would be only a couple of bucks, but they lied about the $125 on purpose to get everyone to opt in. That way Equifax limits their liability, effectively getting away with it scot-free for what amounts to pocket change for them.

Flea
Flea

Governmentally probably there’s some BS rule says you “have to” advertise such a settlement, leaving alone the fact that this is also the very way to nullify its utility to people.

Nick
Nick

I took the credit monitoring but also claimed two hours of time for dealing with credit freezes and fraud alerts (including when applying for two credit cards since freezes became free). Doubt I’ll get the $25 per hour – maybe I’ll be lucky to get $2.50 per hour.

G
G

7. How much of the settlement fund can be used to pay claims for time spent dealing with the data breach?
During this initial claims period, a maximum of $31 million can be used to pay claims submitted for time spent dealing with the breach. If the settlement administrator receives valid claims for more than $31 million, then everyone with a valid claim for time spent will get an equal percentage of the amount they claimed.

docbjg
docbjg
Facetious Frank
Facetious Frank

LMAO. GOD BLESS THE USA!! Fucking ridiculous.

Outlook
Outlook

If you don’t like that you can exclude yourself from the settlement then hire a lawyer and sue Equifax by yourself

Adam
Adam

Yeah, I’m sure suing a 17 billion dollar company is so easy… I’m sure it doesn’t require thousands of hours from a hundred plus highly trained, highly educated corporate lawyers right? I’m sure there is no risk involved to them whatsoever of not getting paid after committing so many man hours and resources.

You should have totally sued equifax yourself and kept way more of the settlement for yourself.

Charles Mann
Charles Mann

Yes indeed, they worked so hard too!

Dracula
Dracula

…But of course…

PoorChurner
PoorChurner

I’d rather see Equifux get shut down.

Lisa
Lisa

If you’ve already filed can you change it?

AJ
AJ

“You can also email the settlement administrator, JND, at info@EquifaxBreachSettlement.”

Joe
Joe

Yeah… what is that? Email addresses have a .com at the end, don’t they?

qmc
qmc

They do often have .com at the end, and in this case it was cut off. You should get your information from the source page anyways, not to the address some anonymous commenter on a blog says you should email your claim info to.

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