FTC update on claims in Equifax settlement

Last week, the Federal Trade Commission announced a $700 million settlement with Equifax concerning its liability for the 2017 data breach in which hackers stole the personal information of 147 million people. The settlement seemed to offer people as much as $125 in cash. In the week after the FTC announced the settlement, more than 4.5 million people visited the settlement site. So many people that the FTC has now announced that the payments will be much less than $125. The settlement also offers people the option of three years of free credit monitoring, instead of cash. But the FTC has now stated that, those who take the cash "will wind up only getting a small amount of money.”

The FTC's update, encouraging people to opt for credit reporting, is here.

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