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WASHINGTON, DC - NOVEMBER 04: Federal Trade Comission Chairwoman, Edith Ramirez (C) announces a crackdown on deceptive and abusive debt collection practices, while flanked by Illinois Attorney General, Lisa Madigan (L), and Minnesota Commerce Department Commissioner, Mike Rothman (R) during a news conference at the FTC headquarters November 4, 2015 in Washington, DC. The FTC announced a nationwide coordinated federal and state enforcement initiative targeting deceptive and abusive debt collection practices. (Photo by Mark Wilson/Getty Images)

Last week a settlement over that whole mess with Equifax was reached. If you were one of the victims and put a claim in for your $125 payout, you weren’t alone. In fact, so many filed a claim, now the Federal Trade Commission is saying the check you receive will probably be less than $125. Equifax has to pay $31 million, according to Fox 13. They say that the number of claims filed was “enormous” and that “Each person who takes the money option is going to get a very small amount.”

The FTC is suggesting that instead, you opt for credit monitoring. Those credit monitoring services do the same thing you can do for free… freeze your credit. But if you want to change your mind and get the credit monitoring, they say they’re going to send an email out to those who filed a claim for the $125 and give them the option to switch.

Source: Fox 13, Q105

By Marc Charles for Money Talk Radio via Q105’s Geno Knight

Marc Charles has worked in Radio since 2005. Marc has been active in media in Detroit, Ohio, Canada, and Florida. When he's not blogging for Money Talk Radio, he covers UFC. Follow Marc on social media @TheLegalManMarc & @TheOctagram.