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FTC warns cash option may be small for Equifax settlement

Posted at 1:53 PM, Jul 31, 2019
and last updated 2019-07-31 16:53:13-04

The Federal Trade Commission told consumers affected by the Equifax data breach they are unlikely to get the full $125 they sought.

Equifax last week reached a $700 million settlement over the 2017 data breach that exposed the personal information of 147 million people. The bulk of that money is intended for consumers impacted by the breach.

The company offered credit monitoring or up to $125 cash.

But the FTC said Wednesday that “public response to the settlement has been overwhelming” and millions of people visited the claims site in the first week alone.

Because those payments come from a fixed pot of $31 million, if more people apply than there are full funds for, then the amount each person gets will drop as the pool of money is distributed proportionally.