Home Business Still want that $125 from Equifax? Consumers face yet another hurdle.

Still want that $125 from Equifax? Consumers face yet another hurdle.

Advice Updated 12:20 PM; Today 11:37 AM By Karin Price Mueller | NJ Advance Media for NJ.com At first, consumers whose private information was compromised in the massive Equifax data breach thought they’d get at least $125.Then the company said there wasn’t enough money from the $700 million settlement for all 147 million affected consumers. Rather than get pennies on the dollar, the Federal Trade Commission recommended consumers instead accept an offer for free credit monitoring. But for those consumers who still wanted the cash, there’s a new hurdle.Emails sent to hundreds of thousands of victims over the weekend say consumers now have to prove “that you had some form of credit monitoring or protection in place and will continue to have the credit monitoring in place for a minimum of six months from the date of your claim filing.”So if you don’t amend your claim with proof you hired a credit monitoring firm, you can kiss that cash settlement goodbye.Consumers have until Oct. 15 to act or their claims will be denied.If you don’t have the evidence, you also have until Oct. 15 to amend your claim to accept the free credit monitoring, something that Equifax and the Federal Trade Commission have been pushing consumers to do: give up their quest for cash and instead select free credit monitoring because they believe there won’t be enough money to go around.“Based on the number of potentially valid claims that have been submitted to date, payments of these benefits likely will be substantially lowered and will be distributed on a proportional basis if the settlement becomes final,” the email said. “Depending on the number of valid claims that are filed, the amount you receive for alternative compensation may be a small percentage of your initial claim.” So whether you want to try for the money or the free credit monitoring, you have to take one more step.You can sign in to the Equifax settlement site to amend your claim. The email you received included a claims number, so be sure to have that handy.Your other option is to mail a letter to the claims administrator with the details of your case. You can send, along with your claims number and address, to Equifax Data Breach Settlement, c/o JND Legal Administration, PO Box 91318, Seattle, WA 98111-9418.Have you been Bamboozled? Reach Karin Price Mueller at Bamboozled@NJAdvanceMedia.com. Follow her on Twitter @KPMueller. Find Bamboozled on Facebook. Mueller is also the founder of NJMoneyHelp.com. Stay informed and sign up for NJMoneyHelp.com’s weekly e-newsletter.

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