Equifax is having to pay millions of dollars to consumers after a massive 2017 data breach that affected more than 147 million people.
Originally, those who filed a claim and requested a cash payment were expected to get a $125 check, but that number keeps dwindling. Now, the Federal Trade Commission is sending out a warning.
- FTC wants those affected by 2017 Equifax data breach to choose Equifax's offer of free credit monitoring.
- So many people are seeking cash payment option that there may not be enough money for everyone to receive a $125 check.
- Here's the website from the FTC where you can file a claim.
- What happens if you don't file a claim?
The FTC previously announced that Equifax would be paying $31 million to consumers and that those affected would get $125 back within the week. The FTC has been overwhelmed with claims being filed and now the amount consumers will get back is dependent on how many people file claims.
The FTC said they're going to run out of money, and isn't saying how much people will get back but that the number is extremely low and nowhere near the original estimate. The FTC now recommends that consumers choose the free credit monitoring service, which could be worth hundreds of dollars and comes with identity theft insurance and restoration service for 10 years.
If you already filed a claim and asked for the cash payment option you will receive an email offering to help you change to the free credit monitoring option.
Watch the video above for the full report.