NATIONWIDE — Equifax reached a more than half a billion settlement with the federal government this week. Potential victims can apply for benefits until January 22, 2020.
But what happens to the money that goes unclaimed?
- Any funds unclaimed after 4-year extension will be distributed in services
- Services offered are for identity restoration, credit monitoring
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According to the Federal Trade Commission, which announced the settlement, $425 million will go to help people affected by the data breach.
Claims are for recovery of out-of-pocket expenses and time spent fixing identity theft cases.
The most any one person can claim is $20,000.
If there is unclaimed money, first a four-year extension kicks in for those claims.
Any money that is not claimed after that Extended Claim Period will be distributed in services to people who initially signed up for the settlement.
Services offered in the settlement are for identity restoration and credit monitoring.
Classaction.org, a non-profit that helps people with these cases, said the agreement also states "in no event shall any of the consumer restitution fund revert to Equifax.”
To find out if you are eligible to make a claim, visit the FTC's website.