FTC telling people to choose the credit monitoring cuz there isn't enough money to payout to people based on "the overwhelming response". Seriously? They're the ones who created the fines. Did they think no one would claim it? 31 million was never going to cover damages
Quote:
The FTC released a notice Wednesday encouraging consumers rushing to get a $125 check from credit ratings agency Equifax as restitution for its 2017 breach should consider the credit monitoring option instead. That’s because an “overwhelming response” may mean Equifax runs out of money before satisfying all the claims.
“The public response to the settlement has been overwhelming,” the FTC notice reads. “Because the amount of money set aside for the cash payment option is capped at $31 million, consumers who select that option may not receive the $125 they had expected.”
The notice continues, “For those who have not submitted a claim, the FTC is recommending that affected consumers consider choosing the free credit monitoring service, which is worth hundreds of dollars and comes with identity theft insurance and restoration services. For consumers who have already chosen the cash option, the settlement administrator will e-mail those consumers and provide them with the opportunity to either (1) submit additional information, or (2) switch to the free credit monitoring service. Consumers can also contact the settlement administrator directly.”
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