You probably won't get your $125 from the Equifax settlement

If you were hoping to get a $125 settlement from Equifax over its data breach, the FTC is warning you may not get all that money.

The commission said so many people have logged on to get their claim in the past week and the fund dedicated to the cash payouts is only $31 million.

The FTC is now asking victims to take Equifax's offer of free credit monitoring instead.

Equifax announced that their massive data breach in 2017 exposed the personal information of 147 million people. The company has agreed to a $700 million settlement.

Under the terms of the settlement announced Monday, the major credit bureau is paying a mix of government fines, legal fees and a fund that will underwrite free credit monitoring, identity theft protection and individual cash payments to people affected by the breach.

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All affected consumers are eligible to receive at least 10 years of free credit-monitoring and at least seven years of free identity-restoration services.

Starting Dec. 31, and extending seven years, all U.S. consumers may request up to six free copies of their Equifax credit report during any 12-month period as well. The free copies will be provided to requesting consumers in addition to any free reports to which they are entitled under federal law.

If you were a minor in May 2017, you are eligible for a total of 18 years of free credit monitoring. You can also request cash payments for expenses you paid as a result of the breach such as losses from unauthorized charges to your accounts and the cost of freezing and unfreezing your credit report.

Starting in 2020, all American consumers can get six additional free credit reports per year for the next seven years through the Equifax website.

How to file a claim

A settlement administrator will manage the claims process.

Consumers must submit a claim to receive the free credit monitoring or cash reimbursements online or by mail after the court approves the settlement.

Deadlines for filing the claims will also be included on the website.

Additional information about the settlement and how to find out whether you are eligible for relief can be found here.
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