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If you filed for Equifax cash payout you need to provide more proof

Consumers have until Oct. 15 or claims will be denied

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Millions of people who filed for a cash payout as part of Equifax's data breach compensation received an email asking for more information, otherwise their claims will be denied.

In August, the Federal Trade Commission ruled that credit reporting agency Equifax will have to pay up to $700 million in individual compensation and civil penalties after 147 million Americans' credit data was compromised in a 2017 data breach.

Affected consumers were told they could file for Equifax's free credit monitoring or to receive a check for up to $125, in reimbursement for the cost of paying for credit monitoring from another credit monitoring bureau.

However, those who filed a claim asking for reimbursement received an email sent by a court-appointed settlement administrator over the weekend asking for more documentation.

"According to our records, you filed a claim for alternative compensation of up to $125 in connection with the Equifax data breach settlement and certified on the claim form that you had some form of credit monitoring or protection in place and will continue to have the credit monitoring in place for a minimum of six months from the date of your claim filing," the email read.

Consumers must either verify their claim on the settlement website by providing the name of the credit monitoring service they were using when the claim was filed or change their claim to request free credit monitoring through Equifax.

Consumers have until Oct. 15 to make a choice or their claims will be denied, the email said.

"If you do not take action by Oct. 15, 2019 your claim for alternative compensation will be denied," according to the email.

The email also acknowledges what the Federal Trade Commission previously warned: there won't be enough funds for everyone.

"Based on the number of potentially valid claims that have been submitted to date, payments of these benefits likely will be substantially lowered and will be distributed on a proportional basis if the settlement becomes final," the email said. "Depending on the number of valid claims that are filed, the amount you receive for alternative compensation may be a small percentage of your initial claim."

Under the settlement, Equifax was required to pay $300 million, however, only $31 million of those funds were dedicated to cash payouts, according to the FTC. The rest of the Equifax settlement provides free credit monitoring for customers and cash reimbursements for time spent by consumers disputing fraudulent charges or freezing credit.

Americans looking to amend or update their claim can visit EquifaxBreachSettlement.com.

People who still haven't filed a claim or asked for free credit monitoring services offered under the settlement have until Jan. 22 to file.


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