Consumers who tried to get $125 from the Equifax settlement now have one more hoop to jump through.
Equifax’s late-July, $700 million settlement offered consumers two options: free credit monitoring for 10 years or a $125 reimbursement for consumers who already had the services.
But those who chose to be reimbursed now must take another step to get their cash. Consumers have until Oct. 15 to verify their claim, according to an email sent to people who tried to claim the $125. The email includes a link where they can switch to credit monitoring or enter the name of the credit monitoring agency and certify that they’ll keep it in place for at least six months.
The email also said “depending on the number of valid claims that are filed, the amount you receive for alternative compensation may be a small percentage of your initial claim,” according to CNBC, which obtained a copy of the email.
The FTC warned in July that consumers could end up getting far less than $125 because of the number of people applying for the funds that are capped at $31 million. The free credit monitoring on the other hand is worth hundreds of dollars, the FTC said in a statement.
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