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Home / Apple / Equifax can't pay the $ 125 you expected, and you probably won't have credit monitoring

Equifax can't pay the $ 125 you expected, and you probably won't have credit monitoring




The US Federal Trade Commission informs those affected by Equifax's credit violations that they probably won't get what they promised $ 125, and instead push consumers toward credit monitoring from the same company that allowed the data to be taken initially.

  Equifax will not pay you the $ 125 you expected, says the FTC [19659006] The FTC told those applying for financial compensation for the 201[ads1]7 Equifax breach that they would receive "nowhere near $ 125 they could have received if it had not been such a huge number of claims made. " </p>
<p>  As conditions for the settlement, Equifax had set aside $ 31 million of their $ 700 million agreement to pay out those who chose to take money, rather than the credit monitoring option. They are now politely suggesting that instead of choosing cash, filers should choose the credit monitoring service. </p><div><script async src=

"Frankly, free credit monitoring is worth a lot more – the market value will be hundreds of dollars a year," the FTC said. "And this monitoring service is probably stronger and more useful than any you already have, because it monitors your credit report with all three nationwide credit reporting agencies, and it comes with up to $ 1 million in identity theft insurance and individualized identity recovery services."

If you read this, you are probably affected. Apple's US loan partner for the iPhone upgrade program is Citizens Bank – a company that has used Equifax in the past.

Those who have already applied for the cash alternative will be asked to provide additional information, such as the name of the credit monitoring service they use, to receive their "far less than $ 125." If they will not – or cannot – provide that information, they will have the opportunity to switch to credit monitoring service.

The $ 31 million, divided by $ 125, is 248,000 consumers. If only 248,000 consumers applied for the cash, they would all get $ 125, but looking at social media there are far, far more people who have already done so, and the application period is still open.

And that credit monitoring? The "free" credit monitoring service will be provided by Equifax. You know, the company that had basically broken their data. And you can bet that the service will not cost Equifax $ 125 for the terms of the agreement.

It is understandable if a player is on the verge of switching to credit monitoring administered by a company that misrepresented his personal information and then took exhaustive steps to keep that information secret for months after it happened.

"Companies that serve personal information have an additional responsibility to protect and secure this data," said FTC Chairman Joe Simons at the time the settlement was disclosed. "Equifax failed to take any basic steps that may have prevented the breach."

  Image Credit: Consumer.ftc.gov

Image Credit: Consumer.ftc.gov

However, not all are left out in the wreath. . Anyone who had been financially burdened by identity theft due to the breach of Equifax data will continue to receive monetary compensation – which was intended to come from a separate fund, and not the $ 31 million allocated to the archives' cash option. [19659018]! function (f, b, e, v, n, t, r)
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