A few days ago, I wrote about the Equifax Data Breach Settlement. Those affected by the breach could file a claim for Alternative Reimbursement Compensation for up to $125.
The Federal Trade Commission now says that due to overwhelming public response, “up to $125” will actually be nowhere near $125.
The FTC has had millions of claimants visit their site in the first week. Because the total amount available for the Alternative Reimbursement Compensation is $31 million, each person who takes the money option is going to get a very small, disappointing amount.
The FTC is encouraging claimants to choose the free credit monitoring instead, which they say provides a “much better value.” Given the frequency of recent data breaches, free credit monitoring has become a commodity, which is what made the cash settlement so appealing.
The settlement administrator will be sending an email to people who already submitted a claim for the alternative cash payment. In that email, you will have the option to:
- provide additional information OR
- switch to free credit monitoring.
You also can send an email to info@EquifaxBreachSettlement.com to make a change to your claim.
You can read more about the settlement at FTC.gov.