FTC: Equifax might run out of cash, so please take the credit monitoring
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Re: FTC: Equifax might run out of cash, so please take the credit monitoring
#2The FTC's FAQ that was updated:
https://www.ftc.gov/enforcement/cases-proceedings/refunds/eq...
> 5. I thought I could choose $125 instead of free credit monitoring. What happened?
> The public response to the settlement has been overwhelming. Millions of people have visited this site in just the first week. Because the total amount available for these alternative payments is $31 million, each person who takes the money option is going to get a very small amount. Nowhere near the $125 they could have gotten if there hadn’t been such an enormous number of claims filed.
> The free credit monitoring provides a much better value, and everyone whose information was exposed can take advantage of it. If your information was exposed in the data breach, and you file a valid claim before the deadline, you are guaranteed at least four years of free monitoring at all three credit bureaus (Equifax, Experian, and TransUnion) and $1,000,000 of identity theft insurance, among other benefits. The market value of this product is hundreds of dollars per year.
> You can still choose the cash option on the claim form, but you will be disappointed with the amount you receive and you won’t get the free credit monitoring.
For a little math, $31 million only makes it to 248,000 claims of the 150,000,000 people affected before it starts diluting.
Re: FTC: Equifax might run out of cash, so please take the credit monitoring
#3I trust Equifax even less to monitor my credit safely than to pay out the money they owe to consumers for their years of deception in business practices.
Re: FTC: Equifax might run out of cash, so please take the credit monitoring
#4So this is some bullshit, if FB can get hit with a $5 Billion dollar fine then I think we can scape up a little more than $31 Million from a company with even less scruples than Facebook...
Also I already signed up for the $125 (when there was ZERO mention it might not be paid out) so what am I supposed to do?
God I really wish they had just put down Equifax (as in killed the whole company) as a statement to other companies: PROTECT YOUR DATA or we are coming for you.
And NO I don't want their monitoring, if they couldn't keep my info safe to start with why would I trust them with monitoring.
Re: FTC: Equifax might run out of cash, so please take the credit monitoring
#5So this is some bullshit, if FB can get hit with a $5 Billion dollar fine then I think we can scape up a little more than $31 Million from a company with even less scruples than Facebook... Also I already signed up for the $125 (when there was ZERO mention it might not be paid out) so what am I supposed to do? God I really wish they had just put down Equifax (as in killed the whole company) as a statement to other co…
The settlement should have required them to provide free credit monitoring to every US citizen in perpetuity, AND a cash payout to all the people they screwed over.
Re: FTC: Equifax might run out of cash, so please take the credit monitoring
#6We need The Corporate Death Penalty and we need to be able to enforce it in such a way that intangible assets can't be copied over to another entity which is left to continue operations. Hard assets can be auctioned and used to pay unemployment claims and restitution.
Jail time for senior leadership would be nice too.
Re: FTC: Equifax might run out of cash, so please take the credit monitoring
#7The FTC's FAQ that was updated: https://www.ftc.gov/enforcement/cases-proceedings/refunds/eq... > 5. I thought I could choose $125 instead of free credit monitoring. What happened? > The public response to the settlement has been overwhelming. Millions of people have visited this site in just the first week. Because the total amount available for these alternative payments is $31 million, each person who takes the mo…
If 150M people have suffered $125 in damages each, then Equifax needs to either pay out the $18B or declare insolvency.
Re: FTC: Equifax might run out of cash, so please take the credit monitoring
#8The FTC's FAQ that was updated: https://www.ftc.gov/enforcement/cases-proceedings/refunds/eq... > 5. I thought I could choose $125 instead of free credit monitoring. What happened? > The public response to the settlement has been overwhelming. Millions of people have visited this site in just the first week. Because the total amount available for these alternative payments is $31 million, each person who takes the mo…
I wonder where the other $400 million is going if its only capped at $31 million.
Re: FTC: Equifax might run out of cash, so please take the credit monitoring
#9$31 million is a laughably small amount of money to set aside for direct settlements in the biggest hack in all of history. Add three zeroes to that, probably still not enough.
I spent three days figuring out this nightmarish credit reporting system and helping friends and family place freezes, as well as educating them to avoid all the horrible dark patterns on Equifax's site. What I want is about $2000 and the ability to opt out of them owning and reselling my personal data completely. I don't need credit monitoring, I don't need credit period anymore, why am I forced into accepting the unlimited risk of them owning all my data so that this private company can keep operating?
Re: FTC: Equifax might run out of cash, so please take the credit monitoring
#10So this is some bullshit, if FB can get hit with a $5 Billion dollar fine then I think we can scape up a little more than $31 Million from a company with even less scruples than Facebook... Also I already signed up for the $125 (when there was ZERO mention it might not be paid out) so what am I supposed to do? God I really wish they had just put down Equifax (as in killed the whole company) as a statement to other co…
> Also I already signed up for the $125 (when there was ZERO mention it might not be paid out) so what am I supposed to do?
From the FAQ, they'll send out an email to everyone who already filed allowing people to switch to credit monitoring.
I agree, this is ridiculous. Even credit monitoring for life (from the other agencies) would have been better than this.