Why You Can’t Get $ 125 in Equifax Settlement Money
If you’re claiming your $ 125 as check money due to an Equifax data breach in 2017, don’t add that extra money to your budget right now – because you might not get the full amount.
As Equifax explains in itssettlement FAQ section , if too many people demand cash, there won’t be enough.
If there are claims in excess of $ 31 million for alternate compensation, all alternate compensation payments will be reduced and prorated.
$ 31 million divided by $ 125 equals 248,000 people. This is a small amount, which means we may all end up making less money than advertised.
It’s worth noting that if you request payment in cash – or if you choose to sign up for up to 10 years of free credit monitoring instead of cash – you are giving up your right to file a claim against Equifax. This means that if someone steals your identity in the future, you will not be able to sue Equifax. (By the way, this literally means “settlement.” You are resolving your legal matter with Equifax now.)
However, you can request additional settlement money if you incur losses in the future, provided there is still money to pay. To quote the Equifax FAQ:
If, after all the initial payments, money remains in the Consumer Refund Fund, an Extended Claim Period will be established that will allow you to make specific claims for out-of-pocket or wasted time that occurs after the original claim deadline. All such claims must be submitted before 22.01.2024 and will be paid in the order queue.
If you would prefer to reserve the right to file a claim against Equifax, you must send Equifax an “exclusion request” by November 19, 2019 (Yes, you can unintentionally waive your right to sue Equifax without responding to this agreement, therefore take whatever action you deem appropriate.)
We have a guide to help you determine if you are eligible for Equifax settlement money , as well as details on how to request payment for the time, effort and actual money you spent securing your loan and / or dealing with personal data. theft after violation in 2017.
Remember, no matter how many people file a lawsuit, you won’t receive any money until December 2019, and since the actual filing deadline is January 22, 2020, I wouldn’t expect to see any Equifax money anytime soon.