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Earlier quoted context omitted.
You can actually get more than $125 if you prove that you suffered a loss, or spent time fighting fraud on your account to the tune of $25/hr
$25/hr is peanuts
"If a company handles people’s sensitive financial data, then I would like the CEO to be the type of person who wakes up in the morning thinking about security, goes to sleep at night thinking about security, and never has security far from their mind during the day. So to hire a security company, and then act as if security is a solved problem, is troubling. There are many other ways for a company to be hacked. Social engineering is a danger, and most company hacks are inside jobs. Hiring a firm such as ReliaQuest does not protect you from having one of your own employees steal data and sell it to the Russians. Protecting against internal attacks requires hard thinking by the top leadership of the company. The job can not be outsourced."
http://www.smashcompany.com/business/if-a-company-is-serious...
If this breach affected 147M people (which is what I can find from various articles), and $700M was set aside (before attorney fees), and most claims will be $125, that's only ~4M people who will get $125. Are they expecting very few people to file claims? Or what am I missing?
Perhaps they are counting on a certain number using their free credit monitoring, as that's the other option on the site.
They can keep the $125 (although, I wish I could direct it to a charity). I don't want to submit all of this information to an entity who's data security is probably worse (hard to believe) than Equifax!
https://blog.legalist.com/i-won-8-000-from-equifax-in-small-...
an update about winning the appeal afterwards (edit: apparently they got it reduced to $5500):
https://blog.legalist.com/i-fought-equifaxs-lawyer-in-court-...
Some tips: Note that many free credit monitoring services exist, and most credit cards nowadays have this feature available. These qualify you for the $125 payout. Up to 10 hours effort ($250) can be claimed without documentation, for time spent battling or preventing ID theft. Preventing is probably key here, and could cover a lot of activities.
Yup. Reading news about the breach. Researching credit monitoring options. etc.
Earlier quoted context omitted.
"I want a way to legally opt out of other such companies collecting and aggregating private data about me." The problem is this also means you will be completely opting out of the credit system. No more morgtgages, no more credit cards, no more car loans. I'm afraid it's kind of a necessary evil.
Maybe not - If a substantial number of potential borrowers are able to opt out, then lenders might start to find it worthwhile to find a way to accommodate them.
There is already a good number of lending options available to the many (millions?) of people disenfranchised from the traditional banking system. Usually that means offering strong collateral.
But the terms of those options aren’t too great because trustworthiness and risk have a strong negative correlation. And those who can prove their trustworthiness almost always prefer to do that rather than pay extra.
equifaxbreachsettlement.com Registered anonymously with GoDaddy for 1 year. This is scam