Equifax Makes it Harder to Claim a Cash Payment for Settlement

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Equifax Settlement Cash Payout

Equifax made big news a few month back when it reached a settlement agreement over its data breach. That settlement was supposed to provide a $125 check to those affected, which is probably most people in the country. Soon it was clear that the payout wouldn’t be anything close to that amount.

But now there’s more bad news for those who were hoping to get a cash payout for their troubles. Those who chose the cash option, were notified recently that they have until October 15 to verify or amend their claim, or compensation will be denied. They need to show proof that they already have a credit monitoring service. Here’s what that email says:

You must either verify or amend your claim by October 15, 2019. If you do not, your claim for alternative compensation will be denied. To verify your claim for alternative compensation, you must provide the name of your credit monitoring service that you had in place when you filed your claim, or, You can amend your claim to request free credit monitoring instead of alternative compensation.

To verify or amend a claim, you can visit the official Settlement Website here.

Conclusion

This settlement has been a big mess. Now it takes an extra step to make sure that you get a cash payout. It might not be a big issue for those who already have some type of credit monitoring from the many data breaches we have seen recently. Just make sure to complete the form they ask you to, if you want that cash. It might make the check a bit bigger though.

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7 COMMENTS

  1. “In order to verify your claim, please provide the name of your credit monitoring service that you will have for at least the next six months” What if I am not using any monitoring services? Looks like I can’t get the cash then? When I filed the claim before there was nothing like this in the T&C if I remember correctly.

    • Free monitoring is worth zero since a bunch of institutions provide it for free. So it’s cute people fall for it.

  2. I changed my mind and opted in for credit monitoring. I am already using $10 per month through a service I signed up with Costco. 4 years is worth $480 a no brainer esp as there is no way the checks will be $125. My wife did the same. Total savings $960

  3. I never got the notice, and it’s not in spam. I’ve got three different monitors in place including Equifax (can’t they check their own files?).
    Thanks for the heads up. Now to find the claim number!

  4. Not a big deal. You just go to their website and click on a checkbox and name the company you use. The only hassle might be for someone that this email went to spam.

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