FTC: Monitoring instead of money now for Equifax data breach victims

Equifax breach settlement, ImageQuest, FTC, FTC.gov

The U.S. Federal Trade Commission stepped back from its offer of $125 per person for settling with victims of the Equifax data breach.

Now, the offer is four years of guaranteed credit monitoring on all three credit bureaus.

The FTC said on its website, FTC.gov, that “millions of people visited this site in just the first week.” With a settlement fund capped at $31 million, the FTC said resulting payments to all the victims would be “very small.”

Now, victims are urged to file a settlement claim by Jan. 22, 2020, to get the “guaranteed” four years of free credit monitoring. The settlement also includes $1 million in identity theft insurance, according to the FTC.

“You can still choose the cash option on the claim form,” the FTC said, “but you will be disappointed with the amount you receive and you won’t get the free credit monitoring.”

Meanwhile, Vice.com says some consumer groups say the FTC should fine itself for false advertising. An activist group has started a petition calling for the FTC to investigate … the FTC.

We say freeze your credit. Then the credit monitoring and insurance can be icing on your cake. If you want more protection, check out our CEO’s Best Practices Advice!  (scroll to bottom of the linked page.)

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