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Equifax could run out of money, so please take the surveillance



Former Equifax CEO Richard Smith testified before the Digital Commerce and Consumer Subcommittee of the House Energy and Commerce Committee at the Rayburn House office building on Capitol Hill on October 3, 2017 in Washington, DC.

Chip Somodevilla | Getty Images

The FTC issued a notice on Wednesday calling on consumers to receive a 125-dollar check from the Equifax rating agency, as the refund for their 201

7 infringement will instead consider the option of credit monitoring should. This is because Equifax may not have any money left before all claims are met due to an "overwhelming reaction".

"The public response to the agreement has been overwhelming," states the FTC announcement. "With the cash payment option limited to a maximum of $ 31 million, consumers who choose this option may not receive the expected $ 125."

The communication further states: "For those who have not filed a claim The FTC recommends that consumers choose the free credit monitoring service, which has a value of several hundred dollars and is equipped with an identity theft insurance and a recovery service and give them the option to either (1) submit additional information or (2) switch to the free credit monitoring service or consumers can contact the billing administrator directly. "

Equifax could not be reached immediately for comment.

As CNBC previously reported, many consumers are unlikely to qualify for the larger sums offered in the Equifax comparison. However, if you have not yet registered under the Settlement Agreement, where Equifax has earmarked more than $ 400 million to settle the incident with consumers, then:

The breach was announced in September 2017 and affected 147 million consumers, mainly in the US, but also in Europe and Canada. Data from the breach of security that was never offered for sale on the Internet included personal information such as social security numbers and driver's licenses.

Experian will offer the four-year credit monitoring service, which is free of charge for its own monitoring service between 2017 and 2019. The company has set up a website that describes the process: www.equifaxbreachsettlement.com. The FTC has also published details of the settlement on its website.

A spokeswoman for New York's Attorney General Letitia James said, "The free credit watch for 10 years is a hugely valuable tool for consumers across the country from the break."

"Every American must make the decision that best suits his situation," the spokesman said.

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