UPDATE: FTC warns that Equifax might run out of settlement cash before satisfying all the claims.
as restitution for its 2017 cybersecurity breach should consider the credit monitoring option because the company could run out of money before satisfying all the claims.
“The public response to the settlement has been overwhelming,” the FTC said. “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.
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FTC: Equifax might run out of cash, so please take the credit monitoring'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,' noted the FTC.
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