Equifax settlement administrator calls for proof of credit monitoring before disbursement...

Cal Jeffrey

Posts: 2,504   +570
Staff member

Those who elected to receive a lump-sum payment of $125 from the Equifax settlement should check their emails. The administrator of the funds is asking customers to confirm that they are currently signed up for credit monitoring. The service does not have to be through Equifax, but it is a requirement to receive the reimbursement.

Those who cannot prove that they are receiving credit-monitoring must amend their request and take the free services instead of cash. If proof cannot be provided, the application will be denied.

As we previously reported, the FTC advised consumers to opt for the free credit monitoring due to the overwhelming response. Of the $700 million settlement, only $31 million was set aside for cash reimbursements. With more than 143 million Americans affected by the 2017 data breach, that pool dwindled fast as many opted for the cash payment.

The FTC did not comment on how many requests were received but suggested that if all were approved, the awarded amounts would be far less than $125 per person.

The emails sent out by the settlement administrator this weekend contain instructions asking consumers to list the name of their credit monitoring service. Customers can respond via the breach settlement website or by snail mail. The information must be received by October 15.

The administrator reiterated the fact that four years of free credit monitoring with up to $1 million ID theft insurance is a far better value. Those opting for the money are still projected to receive less than anticipated.

Masthead credit: Equifax by Casimiro PT

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Raytrace3D

Posts: 184   +175
Can I sight identity thieves as my credit monitoring service? I'm sure someone out there is checking for me. :)
 

Cal Jeffrey

Posts: 2,504   +570
Staff member
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The $125 per person will become $1.25 when it disbursed!
Right?

I remember a class action I was involved with back in the 90s (can't recall what it was now). When I got my check I was surprised they even sent it to me. It was less than a dollar. It probably cost them more to send out the checks than the amount issued from the bank.
 

Wendig0

Posts: 1,155   +146
The amount of hoops you have to jump through for these class action lawsuits is ridiculous. The only people that benefit from them are the attorneys.
 
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treetops

Posts: 3,003   +757
You know I originally filled this out and I think it took like 10 minutes, but the idea of having my SSN leaked on the internet for all time is really pissing me off. If you don't take this settlement then you have maybe a year to sue. I'd rather they get shut down for a year or be forced to use a offline paper filing system for 5 years.
 
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