Equifax promised up to $125 for the hack. Now the FTC says you'll get 'nowhere near' that amount.

[Eugene]

Source: Washington Post

Equifax promised up to $125 for the hack. Now the FTC says you’ll get ‘nowhere near’ that amount.

By Eli Rosenberg July 31 at 6:39 PM

The fine print on the settlement for the Equifax hack ensured that it would not be simple.

The company agreed to offer people 10 years of free credit monitoring or up to $125 if they were among the 147 million Americans whose data was stolen in 2017.

But there was a catch. Due to the fact that the pool for the settlement is capped at $31 million, there was always a risk that the payout would amount to less than $125 if demand was high.

And on Wednesday, the Federal Trade Commission announced that the payout was likely going to be “nowhere near” that amount after more than four million people visited the settlement site and filed for the reimbursement in the last week.

-snip-

The Commission said it released the bad news to try to encourage people to opt for the free credit monitoring instead of the cash payout.

-snip-

Read more: https://www.washingtonpost.com/business/2019/07/31/equifax-promised-up-hack-now-ftc-says-youll-get-nowhere-near-that-amount/

[Historic NY]

1. Its all a scam it always is, the lawyers get most of the money...

you get crumbs.

[Loge23]

2. Fox, meet henhouse.

So they want us to fall for ten years of monitoring by....Equifax!!
My only question is how Equifax even has $31 million! That in itself is the problem to begin with.