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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

#81

Post by munk-a »

deckard1 wrote: post #71
greedo wrote: post #53

Earlier quoted context omitted.

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.

Actually, that's an interesting thought - in areas where hookups to utilities are required by laws (usually described as "Grid Defection") for a residence to be legally occupied... if all that is true then is this opt-in really an opt-in even in an abstract legal sense - it would be illegal to reside in a detached house in the state without opting in to such a service.

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

#84

Post by kome »

throwawaycert wrote: post #60
codernyc16 wrote: post #43

Earlier quoted context omitted.

I had a recent 30 day delinquent payment reduce my credit score by 80 points. And this was because the letter in the mail was mid-delivered. Not that the credit card issuer, nor the credit agencies give two shits. This was after about 5 hours of calls ping-ponging between the two.

Credit scores change constantly. What your 80 point drop told creditors is "This person might not have enough money to pay their bills, or is careless or forgetful.". You are perceived as higher risk because, statistically, you are a higher risk. Those of us who maintain excellent credit do it in part by making sure our money gets where it's supposed to. I check online to make sure payments post, or hand in payments…

> The credit score is doing exactly what it's supposed to.

policing people and make the poor to pay more.

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

#85

Post by adrr »

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.

If you could build a better algorithm to do underwriting, you could make billions. Companies try all the time like zest finance.

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

#86

Post by eximius »

fletchowns wrote: post #75
omarhaneef wrote: post #3

Earlier quoted context omitted.

"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?

Because that would be worse.

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

#87

Post by mindcrime »

fletchowns wrote: post #75
omarhaneef wrote: post #3

Earlier quoted context omitted.

"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?

Dear god, no. However bad Equifax is, the government would be even worse. As the old saying goes "If you put the federal government in charge of the Sahara Desert, in 5 years there'd be a shortage of sand.".

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

#88

Post by throwawaycert »

kome wrote: post #84
throwawaycert wrote: post #60

Earlier quoted context omitted.

Credit scores change constantly. What your 80 point drop told creditors is "This person might not have enough money to pay their bills, or is careless or forgetful.". You are perceived as higher risk because, statistically, you are a higher risk. Those of us who maintain excellent credit do it in part by making sure our money gets where it's supposed to. I check online to make sure payments post, or hand in payments…

> The credit score is doing exactly what it's supposed to. policing people and make the poor to pay more.

If you don't pay your bills, I think it's entirely reasonable for businesses to tell each other about that so you don't defraud them out of a lot of money.

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

#89

Post by jupiter90000 »

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 could be misreading it but sounds like 31mil is the limit on "alternative cash payment" for those who opt out of the credit monitoring. Seems the rest is used for those who are opting for getting credit monitoring, then remediation for those who actually had identity theft happen, identity restoration services, and probably related provable damages to having identity stolen or something tangible damaged from the breach.

So seems like the difference may be between those who just had data exposed in the breach (credit monitoring or small cash payment), vs those with additional provable damages from the breach (identity theft, damaged credit, dealing with damages/fallout from those, etc). Not saying I agree, just what I can see in settlement docs.

The FTC could really be communicating this all better here.

Edit: link to proposed settlement doc https://www.ftc.gov/system/files/documents/cases/172_3203_eq...

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