![]() In short, unless there are fewer than 240,000 claimants-unlikely, given that about 147 million people were affected-nobody's getting $125. Depending on the number of valid claims that are filed, the amount you receive for alternative compensation may be a small percentage of your initial claim." "Based on the number of potentially valid claims that have been submitted to date, payments of these benefits likely will be substantially lowered and will be distributed on a proportional basis if the settlement becomes final. ![]() "The amount you receive in connection with your alternative compensation claim may be significantly reduced depending on how many valid claims are ultimately submitted by other class members for this relief," the email says. The email (and the FTC) also both strongly urge claimants to "amend" their claims and swap from the cash claim to the free credit monitoring, because of the "overwhelming" response to the cash option. Anyone who doesn't respond before that deadline will have their claim denied outright. The email asking claimants to verify their other credit monitoring services has an October 15 deadline, and that's important. The settlement administrator has said that the claims website will soon be updated with this information, too. Wait for the email from the settlement administrator if you want to amend your claim form. In that email, you will have the option to: The settlement administrator will be sending an email to people who already submitted a claim for the alternative cash payment. The FTC's information page about the settlement warns claimants that this verification is part of the process: Such services are not only freely available to many credit card and bank account holders, but also are routinely given out to customers whose data is lost in a breach, and so tens of millions of claimants did indeed ask for the cash instead.Įnlarge / A screenshot of the email sent by the Equifax Breach Settlement administrator to claimants who requested the $125 cash compensation alternative. In order to receive the cash compensation, however, claimants certified that they already have some form of credit monitoring services in place. As part of that agreement, anyone whose data was part of the breach could file a claim to receive either cash compensation or several years of free credit monitoring. The message, however, is entirely legitimate, and the information it seeks is part of the claims process.Įquifax and the Federal Trade Commission in July reached a settlement relating to the company's completely massive data breach of more than 140 million Americans. Nor are you alone if you were surprised or confused by the message, as more than a half-dozen Ars readers who forwarded theirs were. If you're one of the millions of Americans who received an email this weekend from the Equifax breach settlement administrator, you're not alone. Disney / 20th Century Fox reader comments 224 with
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