Through a little publicized press release on July 31 (and amended on Aug 01), the FTC has acknowledged that so many consumers applied for the proposed $125 settlement fee during the first week it was announced that it is impossible for everyone to receive anything close to that amount.

In reality, the proposed settlement documents clearly stipulate that the $31 million fund be evenly split among ALL applicants. To receive $125 per person as was stated by the FTC (and widely promoted on the media), no more than 248,000 (out of 148 MILLION) would have been able to apply. Rumor has it that more than 248,000 applied in the first day, and now roughly 1.5 million people have applied which effectively drops the payment per person to about $20. At this rate, it will drop to less than $1.00 in another week and could easily reach the point where it is literally worth less than the paper the check would be printed on. One can not help but wonder if they would even bother to issue any payment at all at that point. That could be why the FTC is now trying to convince everyone (including those who already applied for payment) to change their mind and agree to credit monitoring INSTEAD of payment.

Aside from the fact that most consumers can easily obtain credit monitoring for FREE from a wide variety of places, how ridiculous an idea is it for the FTC to suggest we agree to credit monitoring by the very company who allowed the security breach which lost out data in the first place?

THIS SETTLEMENT HAS NOT BEEN APPROVED YET, SO THERE IS STILL TIME TO GET IT THROWN OUT!

Everyone needs to understand our only chance of getting this proposed settlement replaced with a better one is to get enough signatures on a petition which will be delivered to the Federal Judge in Atlanta who has jurisdiction over this case. He is the one person who, with the stroke of a pen, can throw out this ridiculous 'deal' and demand that a better one be sought by the FTC. This petition will be delivered to that Judge, to officials at the FTC involved in the Equifax settlement, and to the White House/Congress demanding better protection (and criminal prosecution) for companies as well as corporate executives who blatantly place their greed above the sanctity of our data. If you haven't been directly impacted by the loss of your personal data yet, consider yourself extremely lucky. It has completely destroyed the lives of many who were.

PLEASE pass this petition on to as many people as you can and ask them to sign it and pass it on as well.