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

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

#71

Post by deckard1 »

greedo wrote: post #53
deckard1 wrote: post #49

We're all supposed to take it as just a fact of life now that we need a monitoring service for a service none of us opted in to. And who runs these monitoring services? Why of course, it's the credit reporting companies! Who else would it be. So not only do they know when fraud is happening to you, but they will happily ruin your life while knowing and charge you for the privilege of knowing this is happening to you.…

Unfortunately, most of us did opt in. If you look at the credit agreements we sign when we buy cars, open credit accounts, enter into a mortgage, we give the lender the privilege to share our data with these credit reporting companies.

Of course.

But do you want to live without a house, a job, running water, electricity, internet, a cell phone, a car, etc.?

Point a gun to my head and I'd still feel like I had a better chance of getting out of that situation than opting out of credit reporting.

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

#73

Post by munk-a »

harryh wrote: post #39
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).

Also a question for anyone law aware - Is it possible to pursue a second class action suite against Equifax as a group separate from the initial suite with the assumption that the initial suite was negotiated in bad faith?

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

#74

Post by throwawaycert »

munk-a wrote: post #70
harryh wrote: post #55

Earlier quoted context omitted.

Banks and credit card issuers all pay hefty sums of money to the reporting agencies to use in underwriting their loans. They wouldn't do this if they weren't helpful in modeling risk.

The majority of people on this board work in tech - just because money is exchanged for a service does not mean that the service purchased is worth that money... so can many attest about terrible highly paid consultants. Large organizations are astoundingly good at finding inefficient ways to spend money.

Large financial organizations have teams of analysts whose entire job is to relate consumer information, such as credit scores, to statistical outcomes. If the credit scores weren't giving them useful information, that would show up rather quickly.

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

#75

Post by fletchowns »

omarhaneef wrote: post #3
ilrwbwrkhv wrote: post #2

why do we even use these companies?

"We" don't. You're not the customer, the credit providing company is. And they use it because there hasn't historically been a better alternative.

Why don't we have the government keep track of credit history?

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

#76

Post by koolba »

deckard1 wrote: post #49

We're all supposed to take it as just a fact of life now that we need a monitoring service for a service none of us opted in to. And who runs these monitoring services? Why of course, it's the credit reporting companies! Who else would it be. So not only do they know when fraud is happening to you, but they will happily ruin your life while knowing and charge you for the privilege of knowing this is happening to you.…

They also refer to it as a “breach of customer data”. That’d only be true if there was a breach of their actual customers (i.e. the companies to which they sell your financial data).

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

#77

Post by spocklivelong »

harryh wrote: post #44

My understanding was that the equifax settlement was for 6-700 million, yet this page indicates that there is only 31 million set aside to cover cash payouts to class members. I'm curious about where the rest of the money went. Does anyone know?

I was wondering that too. Can anyone shed some light here?

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

#78

Post by koolba »

harryh wrote: post #44

My understanding was that the equifax settlement was for 6-700 million, yet this page indicates that there is only 31 million set aside to cover cash payouts to class members. I'm curious about where the rest of the money went. Does anyone know?

I’m sure the lawyers get paid in cash.

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

#79

Post by nudiustertian »

zonidjan wrote: post #59
harryh wrote: post #45

Earlier quoted context omitted.

Your anecdote is interesting but does not constitute data on the overall predictive powers of credit scores.

It does when millions of people have similar anecdotes, and when the system is literally set up for it. Places can report whatever they want to. And you can dispute it, but the person who report it will just say "no, we're right" and it'll stay up.

This

I've been fighting with Equifax and TransUnion for 5 years to remove 30 year old reports on my credit history (which are clearly not me because im less than 25 years old)

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