[ad_1]
Millions of people have signed up to receive what they think is a $ 125 cash refund from Equifax for his criminal mismanagement and the exposure of their personal and financial data. But the FTC warns that you can only see a small fraction, if any, because of the way the $ 575 million settlement with the company breaks down.
In the settlement, Equifax has set aside $ 300 million to pay for the credit monitoring of all those affected by historical piracy (perhaps only competed by Capital One this week), and you owe it if you wish.
But suppose you've already set up a credit monitoring system because, for example, of another of the many hacks and leaks that have undermined the careless managers of our data in recent years. In this case, you can indicate that this is the case and receive up to $ 125 as a subsidiary request.
Only one problem: Equifax has set aside a whopping $ 31 million for these cases, which is enough for about 250,000 people to receive this $ 125 – far less than the millions who are currently filing claims. Thus, the pie, already small, is even thinner than before.
If even one in 10 victims requests the alternative payment method, it pays them about $ 2 each. Meanwhile, the CEO received a $ 20 million conservative gold parachute after overseeing one of the largest and most damaging piracies in history, described as "completely avoidable". He was not fired, you know, he retired. Overall, the company is in great shape!
There is more money set aside for people who have personal expenses for problems related to computer hacking, such as the theft of identity that resulted in the loss of a loan, and so on. However, you will need to document this, and relatively few people will be able to take advantage of it.
Robert Schoshinski of the FTC explains that credit monitoring is the most useful option anyway:
If you have not submitted your application yet, think of free credit monitoring. Frankly, monitoring free credit is worth a lot more – the market value would be several hundred dollars a year. And this monitoring service is probably stronger and more useful than anyone you already have because it monitors your credit report with the three credit reporting agencies nationwide and offers credit card services. Identity theft and individualized identity restoration of up to $ 1 million.
Good point, and given the current failure of financial institutions, social networks and other companies to protect your data, it might be nice to know that you are protected.
Of course, credit monitoring is provided by Equifax. But do not worry, I'm sure they learned their lesson.
Source link
