If you filed to receive the $125 in compensation from the Equifax settlement, you’ll have to jump through another hoop to get your payout.
The Equifax settlement administrator has been sending out emails, which require people to verify they want the $125 payment and not free credit monitoring. If they fail to respond by Oct. 15, the administrator will deny the claim.
Verifying involves going to the official settlement website to amend the claim and input your claim number, which can be found in the same email. You’ll then be asked to type in your first name, last name, and ZIP code.
After that, the settlement website will let you confirm the $125 in compensation, but also ask you to name the credit monitoring service you signed up with and plan to use over the next six months—an original requirement to receiving the cash payment. The same page also lets you out of opt of the $125 payout to instead receive the four-year free credit-monitoring option.
The Equifax settlement administrator has been sending the emails after the Federal Trade Commission warned that your chances of claiming the full $125 are actually slim. The problem? Too many people have been filing for the cash payout over the free credit monitoring option. The $125 compensation fund has been capped to a mere $31 million, which will be equally divided up among all the qualifying claimants.
“For those who have already submitted claims for this cash payment, look for an email from the settlement administrator,” the FTC said in late July. “They’ll be asking you for the name of the credit monitoring service you already have. Or, if you want to change your mind, you’ll have a chance to switch to the free credit monitoring.”
The Equifax settlement website now warns that you may receive “substantially less than $125” if you pick the cash payout option. However, the Oct. 15 deadline to verify your claim is a new requirement that appears to have come out of the blue, and creates a potential obstacle in the compensation process. So if you filed for the cash payout before Aug. 2, and haven’t received the email, check your spam folder.
The FTC updated its FAQ page on the settlement with new information, which assures the public that the emails sent by the Equifax settlement administrator are legit. (The email should come from the official EquifaxBreachSettlement.com domain.) According to the FTC, the administrator has also been sending a separate round of emails to people who have yet to file a claim, but may have been affected by the breach.
All affected victims have until Jan. 22 to submit a claim through the Equifax settlement site. For help, you can consult our guide to learn how to file.
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