Equifax removed the $125 claim payout option after millions submitted claims • Hacker News Board

Re: Equifax removed the $125 claim payout option after millions submitted claims

#31

Post by bananocurrency » Wed, Jul 31, 2019, 11:04 PM UTC

duskwuff wrote: post #17

nsxwolf wrote: post #8

The FAQ is really condescending and almost sounds deliberately written to make people angry.

The FAQ is written by the FTC, not by Equifax. They have no need to sugarcoat the situation. :)

They aren't sugarcoating -- they are actively encouraging otherwise and taking a stance on the matter. It's disingenuous to the consumer.

Re: Equifax removed the $125 claim payout option after millions submitted claims

#32

Post by ma2rten » Wed, Jul 31, 2019, 11:05 PM UTC

noodlesUK wrote: post #6

Surely the FTC and Equifax saw this coming? 150m people were included in the breach. Only 31m USD was allocated to give anyone who claimed 125 USD? How on earth did they do this math?

Probably they assumed that most people don't have credit monitoring yet and only a few people would go for the $125 option.

Re: Equifax removed the $125 claim payout option after millions submitted claims

#33

Post by ilaksh » Wed, Jul 31, 2019, 11:08 PM UTC

The total settlement was much too small. Can we hold the FTC accountable for gross negligence or bribery?

Re: Equifax removed the $125 claim payout option after millions submitted claims

#34

Post by porpoisemonkey » Wed, Jul 31, 2019, 11:08 PM UTC

Anyone here a lawyer? I'm wondering if you submit a request to opt-out of the settlement if you could re-litigate a new settlement in the future?

Re: Equifax removed the $125 claim payout option after millions submitted claims

#35

Post by nikolay » Wed, Jul 31, 2019, 11:09 PM UTC

VeninVidiaVicii wrote: post #10

This is a gross oversight on behalf of the FTC. Is it possible to sue them for negligence?

We should. It looks like FTC isn't on our side.

Re: Equifax removed the $125 claim payout option after millions submitted claims

#36

Post by VeninVidiaVicii » Wed, Jul 31, 2019, 11:09 PM UTC

ma2rten wrote: post #32

noodlesUK wrote: post #6

Surely the FTC and Equifax saw this coming? 150m people were included in the breach. Only 31m USD was allocated to give anyone who claimed 125 USD? How on earth did they do this math?

Probably they assumed that most people don't have credit monitoring yet and only a few people would go for the $125 option.

In any case, I'm not going to trust any of these greedy doddering fools with my information. Their job ALREADY involves monitoring my credit.

Re: Equifax removed the $125 claim payout option after millions submitted claims

#37

Post by harryh » Wed, Jul 31, 2019, 11:11 PM UTC

I don't believe that the title of this post is correct. The link in that tweet is to ftc.gov not equifax.com. This makes me think that the FTC, not equifax, was the party that removed the option.

Re: Equifax removed the $125 claim payout option after millions submitted claims

#38

Post by VeninVidiaVicii » Wed, Jul 31, 2019, 11:12 PM UTC

How on Earth is having a credit-monitoring organization monitor my credit worth hundreds of dollars, when they're already doing it on behalf of credit companies anyway?

Re: Equifax removed the $125 claim payout option after millions submitted claims

#39

Post by harryh » Wed, Jul 31, 2019, 11:12 PM UTC

porpoisemonkey wrote: post #34

Anyone here a lawyer? I'm wondering if you submit a request to opt-out of the settlement if you could re-litigate a new settlement in the future?

Yes, of you opt out of a class action settlement you reserve the right to sue in the future. That being said, it would be expensive to go it alone.

Some parties have had success in small claims court though (there have been previous HN comment threads on this).

Re: Equifax removed the $125 claim payout option after millions submitted claims

#40

Post by harryh » Wed, Jul 31, 2019, 11:13 PM UTC

Simulacra wrote: post #20

noodlesUK wrote: post #6

Surely the FTC and Equifax saw this coming? 150m people were included in the breach. Only 31m USD was allocated to give anyone who claimed 125 USD? How on earth did they do this math?

Probably the same math they use to calculate our credit scores and everything else they screw up.

The math behind credit scores is quite good. They're very effective at predicting credit risk.