Equifax adds extra step for consumers to claim settlement cash

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EAST PROVIDENCE, R.I. (WPRI) — Consumers who claimed cash from a massive settlement with Equifax have a month to verify it or risk it being denied.

In July, the Federal Trade Commission (FTC) announced a massive settlement with Equifax over a 2017 data breach that impacted $147 million people.

According to the terms of the settlement, at least $300 million will go directly to consumers.

Consumers had a choice; free credit monitoring or a one-time cash payment of up to $125 dollars if they already had credit monitoring services.

Millions of people claimed the cash. Now Equifax is requiring an extra step to get the money.

According to emails consumers are receiving from the settlement administrator, people who claimed cash must provide the name of the credit monitoring service they were already using when they filed the claim.

Consumers will also have to verify they’ll maintain the credit monitoring service for at least six months.

The verification step has to be completed by October 15, 2019.

The FTC is cautioning the cash payout could be dramatically lower than what consumers expect.

Out of $300 million dollar fund for consumers, $31 million was set aside for cash payments. If all of the victims claimed cash, the payout would be less than 21 cents per person.

Copyright 2020 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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