If you're like me, took off like a shot the moment you heard that Equifax would pay you $ 125 just for completing a simple form. Perhaps he even considered it a reasonable stab in compensation for the fact that the 2017 data breach exposed the personal information of 147 million Americans.
But the probability that really gets a check for $ 125 is getting thinner, because the more people sign up, the less money each person gets. In fact, there is only room for 248,000 people to get that amount.
If 1 million people ask for the money, they will be eligible for only $ 31 each.
If each and every one of the 147 million people affected sign up, they will see 21 cents.
See, while Equifax has agreed to a $ 700 million deal, compared to its $ 880 million revenue in the last quarter alone. – It is technically only an agreement of $ 425 million in regards to the affected consumers, and the rest of the money will pay fines.
And from that $ 425 million, it turns out that only a negligible $ 31 million is actually reserved for those individual payments of $ 125 in cash; The rest is all for free credit monitoring, refunds, or if you could somehow miraculously prove that you really suffered identity theft as a result of the violation.
As developer Rufo Sánchez points out on Twitter the fine print shows that after $ 31 million in people sign up for those $ 125 checks … they won't really be $ 125 anymore.
FWIW , it's up to $ 125. It's a $ 31 million group divided among all those who file a claim with a maximum of $ 125. If the 147 million people signed up, everyone would get 21 cents. pic.twitter.com/MPmtDZ59rA
– Rufo Sanchez (@rufo) July 26, 2019
(You can read the original legal jargon on page 36 of this PDF if you're curious).
Proportionally reduced payments are not entirely unusual for large class action settlement. I received checks in the mail where it was not worth taking a trip to the bank to cash it.
Yes, there is also a ridiculously small possibility that you can get more than $ 125, since it also works in reverse: if there are additional funds because, say, less than 248,000 people file a claim , the rules say that each person will get much more money too. Equifax!
$ 125 is a good amount of change.
Get that money and pay a bill, keep it, take a day off, enjoy whatever you want, but cash that check!
It takes a minute. Do it here: https://t.co/sy7eZCuLi6 https://t.co/OdgYrlJZbh[19459005-24—AlexandriaOcasio-Cortez(@AOC) July 26, 2019
But I doubt it, considering how The news of getting $ 125-quick has spread quickly and quickly. The previous AOC tweet already has 39,000 likes after only three hours. Your tweet alone could mean that there is already talk of a seventh of those $ 125 checks.
If you want to try it anyway, I can't blame you! – Find our instructions here. We will not know how much you will really get until January of next year.