FTC reports credit monitoring more valuable than Equifax cash
The FTC reports that taking the cash settlement is not the best idea.
ATLANTA (FOX 5 Atlanta) - Because of the overwhelming interest in the $425 million Equifax settlement, we know this will interest you. The FTC says pass on the settlement and opt for something else instead.
More than 140 million people had their very private, personal identifying information leaked when Equifax left a door open. The FTC reported that for nearly three months hackers gobbled up our social security numbers, birth dates and more. And we deserve compensation, right?
Well, the Feds agreed, but also capped the settlement at $31 million. It figured some would never claim anything and it would give, the government believed, everyone asking $125 a piece. But, the response has been so overwhelming that data breach victims actually might get much less.
So now what? Here's the headline from the Federal Trade Commission, "Pick free credit monitoring" as it might be worth more. It goes on, "..the market value would be hundreds of dollars a year."
The service includes monitoring all three major credit reporting agencies, and it comes with "up to $1 million" in identity theft insurance. It's available up to seven years. If you have already made a claim for the money, you can change your mind, according to the FTC.
There is a pool of money set aside for folks who paid prior to this for credit monitoring or for folks who had to pay out of their pockets to protect themselves. Clearly you will have to show proof of payment, but there's reimbursement cash for that.