I first realized that there was some confusion about the Equifax data breach settlement when a listener texted me on the American Toppers & Accessories text line. The listener had heard the news that Iowa was going to get 1.3 million dollars out of the settlement and the listener thought that wasn't enough to cover the cash settlements to Iowans who had been victimized by the 2017 breach.
I explained on the radio program that the 1.3 million dollars was going to a consumer education fund in the Iowa Attorney General's office and that the settlement for Iowa residents was going to come from a different settlement.
But it did turn out the listener's fears were justified.
That's because the payment option of 125-dollars is capped at 31-million dollars from the 2017 cybersecurity breach and the response has been overwhelming.
It looks like Equifax might not be able to send everyone a settlement check and the Federal Trade Commission is warning that the money may run out.
Consumers who haven't submitted a claim are now being urged to consider free credit monitoring instead. That option is worth hundreds of dollars and comes with identity theft insurance and restoration services for between four and six years.
For those who've already chosen the cash option, emails will be sent out to either submit more information or switch to free credit monitoring. You’re only eligible for the cash if you’ve paid for credit monitoring.
Source: NBC