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Expecting $125 from Equifax? You'll be disappointed, FTC says

Equifax reached a roughly $700 million deal to settle investigations into a 2017 data breach. (Bloomberg)
Equifax reached a roughly $700 million deal to settle investigations into a 2017 data breach. (Bloomberg)

In a major buzz kill for consumers awaiting their checks, the Federal Trade Commission just updated its website with disappointing news: No, you aren’t getting $125 because of the Equifax data breach.

Less than a day ago, the FTC’s Equifax settlement website stated simply that claimants could file for a $125 payout.

But by Thursday morning, the page no longer promised $125 and encouraged affected consumers to opt for as much as a decade of free credit monitoring instead.

“The market value of this product is hundreds of dollars per year,” the FTC now says on the website. “You can still choose the cash option on the claim form, but you will be disappointed with the amount you receive and you won’t get the free credit monitoring.”

An FTC representative didn’t immediately respond to requests for comment on the change.

Equifax reached a roughly $700 million deal to settle investigations into its massive 2017 data breach.

The agreement resolved almost two years of investigations into the breach that compromised some of the most sensitive information of about half the U.S. population. It sparked outcries on Capitol Hill and among consumer advocates for more oversight of the three big credit-rating companies — Equifax, TransUnion and Experian.

Equifax has a website where people affected by the breach can file claims and sign up for credit monitoring.

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