ATLANTA (FOX 5 Atlanta) - Georgia’s Attorney General, Chris Carr, speaking exclusively to FOX 5 News about the Equifax data breach and the recent announcement from the Federal Trade Commission, saying there’s not enough money to settle all of the claims that have been filed.
“There’s a lot of confusion and some misinformation about the settlement and what it was intended to accomplish, said Melissa Devine, Assistant Attorney General.
The Georgia Consumer Advisory Board was briefed today about the historic Equifax settlement and the growing concern about the number of claims that have been filed.
“Over 5 million Georgians potentially had their most sensitive information compromised, that’s nearly half the state,” said Attorney General Carr.
The 2017 consumer data breach was the largest in history, impacting more than 56 percent of American adults.
Attorney General Carr was part of the coalition that worked to reach the settlement with Equifax which is now offering free credit monitoring for all 147 million people or the option of a cash payout of up to $125, for those who want to get their own. But so many people have filed a claim for the cash, there’s not enough money to go around. And state officials believe it’s because people have been misinformed.
“It was not intended to compensate consumers for the mere fact that their data was infiltrated,” said Devine.
“So this settlement offers up to 10 years of credit monitoring which we encourage folks to take a hard look at,” said Carr. “If you have paid for some, however, you can be eligible for up to $125”
FOX 5 News asked consumers in Midtown how they felt about the options.
“Probably the 10 years of free credit monitoring,” said Ryan Pitts
But for some, either option hardly makes up for the damage that was done.
“I think it’s insignificant, they took no responsibility for it,” said Mary Allen
But state officials say Equifax is now being forced to take responsibility, at least for the next decade.
“Once your information is out on the internet, it can be out there for years and we think there is value in having 10 years’ worth of credit monitoring,” said Attorney General Carr.
For more information about how to apply for credit monitoring or reimbursement: equifaxbreachsettlement.com