The Federal Trade Communication is cautioning consumers not to file for the $125 Equifax payout, warning people, “you will be disappointed”…
Just over the last couple of days, people have rushed to fill out a simple claim form offered by Equifax over its data breach. Now, the United States Federal Trade Commission is tempering expectations by warning against taking the monetary payout.
FTC Warns Against Filing for $125 Equifax Payout
The credit reporting agency Equifax said this month it reached an agreement with the government to payout $700 over a massive data breach in 2017.
As part of the settlement, the credit reporting bureau offered affected consumers a $125 payout or free credit monitoring services.
However, the FTC put the word out too many people are claiming the cash and that will greatly reduce the ultimate payment:
“A large number of claims for cash instead of credit monitoring means only one thing: each person who takes the money option will wind up only getting a small amount of money. Nowhere near the $125 they could have gotten if there hadn’t been such an enormous number of claims filed.”
The federal agency instead recommends opting for the free credit monitoring because “millions” have already filed for the cash.