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Why you probably won’t actually get $125 from the Equifax settlement
Photo by Mark Wilson/Getty Images
If you’re anything like me, you took off like a shot the moment you heard Equifax would pay you $125 just for filling out a simple form. Perhaps you even considered it a reasonable stab at compensation for the fact that the 2017 data breach exposed the personal information of 147 million Americans.
But the likelihood that you’ll actually get a check for $125 is increasingly slim — because the more people who sign up, the less money each person gets. In fact, there’s only room for 248,000 people to get that amount.
If 1 million people ask for the money, they’ll be eligible for just $31 each.
If every single one of the 147 million affected people sign up, they’ll be looking at 21 cents.
See, while Equifax has agreed to a $700 million…