Why you probably won’t actually get $125 from the Equifax settlement

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.

(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.

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