Equifax May Not be Able To Cover Its Breach Settlement

It looks like Equifax might not be able to send everyone a settlement check.

The Federal Trade Commission is warning that the money may run out. The payment option of 125-dollars is capped at 31-million dollars from the 2017 cyber security breach and the response has been overwhelming.

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.


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