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If you are like me, you took off like a shot By the time you heard Equifax you would pay $ 125 just to fill out a simple form. Perhaps you even considered that it was reasonable to attempt to compensate the fact that the data breach of 2017 exposed the personal information of 147 million Americans.
But the probability that you are actually going get a check for $ 125 is getting thinner – because the more people register, the less money you make. In fact, there are only 248,000 left to get this amount.
If 1 million people ask for money, they will only be entitled to $ 31 each.
If each of the 147 million people affected enrolls, it will rise to 21 cents.
You see, even though Equifax has accepted a $ 700 million settlement – compared to its $ 880 million last quarter – it technically only a settlement of $ 425 million for the consumers concerned, the rest of the money used to pay fines.
And of these 425 million dollars, it turns out only $ 31 million is actually set aside for individual cash payments of $ 125 – the rest is meant for free credit monitoring, refunds, or if you could miraculously prove that you actually suffered a theft of identity at the following the violation.
As a developer, Rufo Sanchez posts on Twitter, the fine print shows that after $ 31 million of people registered for $ 125 checks, they will no longer be $ 125.
FWIW is up to $ 125. It is a $ 31 million pool, divided among all those who file a claim for up to $ 125. If 147 million people registered, everyone would receive 21 cents. pic.twitter.com/MPmtDZ59rA
– Rufo Sanchez (@rufo) July 26, 2019
(If you are curious, you can read the original legalese on page 36 of this PDF.)
Proportionately reduced payments are not unusual for large clbad action settlements. I received checks in the mail where it was not worth going to the bank to cash them.
Notice, there is also a ridiculously thin chance that you could get more more than $ 125, since it also works the other way around – if there are additional funds because, for example, fewer than 248,000 people apply, the rules provide that each person will also receive a lot more money .
Everyone: go get your check at Equifax!
$ 125 is a nice part of the change.
Get that money and pay an invoice, save it, take a day off, give yourself what you want – but cash that check!
It takes a minute. Do it here: https://t.co/sy7eZCuLi6 https://t.co/OdgYrlJZbh
– Alexandria Ocasio-Cortez (@AOC) July 26, 2019
But I doubt it, given the distance and speed with which the news spreads to 125 dollars. The above tweet of the AOC already has 39,000 tastes after just three hours. His only tweet could mean that one-seventh of those $ 125 checks are already spoken.
If you want to try anyway – can not blame you! – Find our instructions here. We will not know how much you will get before January of next year.
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