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Home / Business / The FTC says Equifax settlement requirements exploded, so you may not get all $ 125

The FTC says Equifax settlement requirements exploded, so you may not get all $ 125

Persons affected by a data breach in which private information of more than 147 million people were stolen from Equifax Consumer Reporting Agency may not receive nearly as much money as they expected as part of a settlement.

The Federal Trade Commission is warning people whose data was stolen and chosen to file a claim last month for a refund of cash to consider another option, as the cash pool for the claims is not large enough to meet all the $ 125 requirements. [19659003] false “/>

"The public response to the settlement has been overwhelming, and we are pleased that millions of people have visited ftc.gov/Equifax and gone on to the settlement site's claim form," the FTC wrote on its website. [1

9659002] "But there is a downside to this unexpected number of claims. First, the good thing is: All 147 million people can apply for and receive free credit monitoring. There is also the possibility for people who confirm that they already have credit monitoring to claim up to $ 125 instead. But the pot of money that pays for that part of the settlement is $ 31 million.

“A large number of cash claims rather than credit monitoring means just one thing: every person taking the money option will wind up just getting a small amount Nowhere near the $ 125 they could have received had there not been such a huge number of claims made. "

With that in mind, the FTC is now proposing those concerned to choose free credit monitoring instead as the value will be significantly more worth than what the checks will be when they are issued next year. A settlement administrator will reach out to those who submitted claims via email in the coming weeks to allow them to change their mind or continue pursuing the cash settlement.

The FTC went on to remind people that it has set up its own pool of money for victims to file claims for the involvement of money used to deal with the breach.

"Also note that there is still money available during the settlement to reimburse people for what they paid out of pocket to recover after the breach," the FTC wrote. “Say that you had to pay for your own credit freeze after the breach, or that you hired someone to help you deal with identity theft. The settlement has a bigger pool of money for just these people. If you are one of them, you can use your documents to submit your claim. ”

This pool of money includes time requirements to handle the breach. It allows you to claim up to 10 hours of time spent at $ 25 an hour. If you spent more than 10 hours dealing with the breach, you must submit documentation showing how much time you spent dealing with the breach.

If you suffered loss as part of the violation, you may be able to claim up to $ 20,000 in damages, but will have to provide documentation of what you claim.

The deadline for filing your data is January 22, 2020, which means the earliest benefits will be sent out to those affected is January 23, 2020. However, if there are problems with your credit that following that date, you will be able to submit time and damages until January 22, 2024.

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