The Equifax settlement owes you $ 125, but monitoring free credit may be a better offer.

If you are reading this, then you or someone you know has probably been affected by the 2017 data breach at Equifax who exposed the personal information of 147 million people to hackers. (To check if you are part of the violation – and therefore eligible to file claims – go to the Data Violations Policy website, where you will enter your last name and the last six digits of the data. your social security number in the online form.) And if you were part of the violation, you probably know that you can file a settlement claim between Equifax and the Federal Trade Commission in order to be compensated for the expenses. and the time spent repairing the violation.

The rules allow you to submit claims for multiple benefits. As a result, filing an application does not prevent you from receiving more. And you have until January 22, 2020 to file.

Although most of the requests you can ask for are simple, at least one offers you a choice: Request $ 125 or 10 years of credit monitoring. It is tempting to take payment in cash, but first consider your options.

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If you take credit monitoring of $ 125 or free?

You can submit a claim for free credit monitoring for 10 years or, if you already use a credit monitoring service when you apply, you can also make a payment of $ 125. Here's what to consider when choosing.

Option 1: Take the money after signing up for six months of supervision and keep all that remains after six months. To claim the $ 125, you must certify that you are using a credit monitoring service on the date you submit your application and will keep it for six months. Credit services can cost between $ 10 and $ 30 a month. – or you can use a free service like Karma Credit – but if you choose one of the cheapest services, you can get away with about $ 60.

Option 2: Sign up for 10 years of credit monitoring and sleep better. $ 125 is a good sum. Ten years from one credit monitoring service could be added up to $ 3,200 in total. Which is a bigger sum.

The choice you make, of course, depends entirely on you. We can not do it for you.

If you are the type to love covering your bets, you may be able to sign up for a service for six months and then ask for payment. And if the fear of identity theft and fraud prevents you from sleeping at night, opt for free surveillance for 10 years. Whatever your choice, your choice will not prevent you from filing claims for other benefits.