So, Equifax is being fined millions of dollars which will be used to pay for credit monitoring services from... Equifax? Isn't the fine money just going back into Equifax's coffers?
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
#92We'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.
So I'm consenting by needing electricity? Water? a bank account?
I though consent required option.
Think of the other use of the word, generally reserved for sexual intercourse. Imagine that 'consent' having strings attached.
Want to go to college? Consent. Want electricity? Consent.
I think we can all agree this would be ludicrous. That Consent would not be real. It would be viewed for what it is: taking by force.
It's why we don't even allow many actions when power is involved (subordinates). We view the power imbalance as so extreme, that invisible strings can form, thereby removing the ability for the subordinate to truly freely consent.
As an American society, I think this is understood. We value consent in many places. Yet for some reason, the financial institutions can redefine consent as they see fit, blatantly attaching strings to basic survival needs.
Re: Equifax removed the $125 claim payout option after millions submitted claims
#93Re: Equifax removed the $125 claim payout option after millions submitted claims
#94Surely 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?
This seems to be a more frequent occurrence in the last few years with class action settlements going “viral” for lack of a better word. I believe it’s called dilution of class. In theory I think the judge is supposed to consider the number of class members & their estimated recovery before granting final approval but I suspect by that point nobody cares.
Re: Equifax removed the $125 claim payout option after millions submitted claims
#95We'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.
Yeah, I guess you could take it further and say we all opted-in to be screwed over in various ways throughout life when we were born too. Doesn't mean we shouldn't fight back against it.
Re: Equifax removed the $125 claim payout option after millions submitted claims
#96So, Equifax is being fined millions of dollars which will be used to pay for credit monitoring services from... Equifax? Isn't the fine money just going back into Equifax's coffers?
Absolutely out-fucking-rageous.
Re: Equifax removed the $125 claim payout option after millions submitted claims
#97Earlier quoted context omitted.
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.
I’m suddenly reminded of the ratings used to fuel the subprime mortgage crisis.
Re: Equifax removed the $125 claim payout option after millions submitted claims
#98My 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?
Summarized from the settlement[1]:
- Compensation for time spend ($25/hr); capped at 31 million (different pool from the $125)
- Reimbursement for up to $20,000 in documented losses per person.
- Cost of Experian credit monitoring for those who choose credit monitoring instead of the $125.
The size of the fund created for these benefits is $380.5 with the possibility of expanding by another $125 million for cash compensation.
[1] https://int.nyt.com/data/documenthelper/1484-proposed-equifa...
Re: Equifax removed the $125 claim payout option after millions submitted claims
#99Earlier quoted context omitted.
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.
Not being the worst is not the same as succeeding.
Following that logic the Burj Khalifa is a space elevator because no one has been able to build a better space elevator than that.
I have general objections to this sort of underwriting assessment being an ethical business for a private organization to begin with due to the immense amount of possibility for discrimination it opens up.
Re: Equifax removed the $125 claim payout option after millions submitted claims
#100We'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.…
there is no such thing a good credit unless someone can verify it.
I can give all of my current credit cards in a background check, but what about the past ones I defaulted on???
Are you saying credit scores should not exist? Is it because you are a fraud that defaults alot and likes to steal money?