Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

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

twitter.com

Post reply on HN
Print view View original

191–200 of 459 posts

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

#191

Post by mikeash »

throwawaycert wrote: post #179
mikeash wrote: post #175

Earlier quoted context omitted.

It is, or should be, your responsibility to notify them when payment it due.

Ah, but there is no indication they didn't. What happened is that the check was sent, but did not arrive. In other words, the customer and his agent (the postal service, probably) in the exchange did not fulfill their job of getting the money to the business. That is not something the business can control, and if you try to make it their responsibility, they will simply start refusing payment by mail, since it would…

But making it the customer’s responsibility is cool?

In any case, I read this as the notice that payment was required is what got lost, not the payment itself.

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

#192

Post by throwawaycert »

mikeash wrote: post #187
throwawaycert wrote: post #177

Earlier quoted context omitted.

They didn't. Pension plans and individual investors are not sophisticated financial organizations. They rely on those that are to do their job in a non-fraudulent manner. They didn't.

Bear Stearns? Lehman Brothers? AIG? The hundreds of banks that went under?

Committed or were complicit in the fraud and got in too deep to recover from the inevitable crash. This has all been widely and loudly reported on for a decade. There's a reason people are pissed that the executives who ran these institutions into the ground and fucked up the economy were barely prosecuted.

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

#193

Post by lonelappde »

acdha wrote: post #180
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.…

The problem isn’t credit but the companies issuing loans without doing their due diligence. If they were routinely required to meet the normal levels of legal proof that you signed a contract or were liable for false claims, the entire system would change overnight. The awareness campaigns about identity theft, monitoring, etc. are all a distraction from the companies originating loans trying to shift the cost of the…

The entire model of consumer loans is predicated on everyone else paying extra money to cover defaulters.

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

#194

Post by mikeash »

throwawaycert wrote: post #192
mikeash wrote: post #187

Earlier quoted context omitted.

Bear Stearns? Lehman Brothers? AIG? The hundreds of banks that went under?

Committed or were complicit in the fraud and got in too deep to recover from the inevitable crash. This has all been widely and loudly reported on for a decade. There's a reason people are pissed that the executives who ran these institutions into the ground and fucked up the economy were barely prosecuted.

So in addition to the info being valid or the organization evaluating it being too stupid to evaluate it correctly, we also have the possibility that these organizations are involved or complicit in the fraud.

Why am I supposed to take it as a given that if these organizations use the info it must be useful, then?

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

#195

Post by jimmaswell »

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.

Doesn't almost anyone with a credit card have credit monitoring now?

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

#196

Post by paulddraper »

g051051 wrote: post #190
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?

Because the purpose of the 31m USD was to compensate people who had bought credit monitoring, spent time dealing with credit reports, freezes, locks, etc. Out of the 147m people who were potentially affected, what percentage actually incurred any real costs vs. the number that rushed to file a claim after the headlines blared "$125 to everyone!"

I don't recall $125 requiring actual previously lost time.

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

#197

Post by panny »

gordon_freeman wrote: post #12

This makes me so angry that I don't even want to start pouring my anger in words here. :(

Angry at Equifax or the Chinese state hackers who breached them? I think the idea here is YC China wants you angry at Equifax. I hope you see through the propaganda.

China steals your data. Low budget.

Enraging Americans to the point of taking out American blue chip company? Priceless.

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

#198

Post by lonelappde »

lostlogin wrote: post #178
freetobesmart wrote: post #100

Earlier quoted context omitted.

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?

Credit scores are bs. My credit isn’t good. I’ve paid a lifetime total of approximately 10c (attempting to convert to $US) interest on credit cards and have never missed a bill - I pay them off before they arrive. 90%+ of my payments are credit card. My score reflects something other than my likelihood of paying back debt.

Update this post if you ever default on a loan. Otherwise, you are a good credit risk.

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

#199

Post by throwawaycert »

mikeash wrote: post #191
throwawaycert wrote: post #179

Earlier quoted context omitted.

Ah, but there is no indication they didn't. What happened is that the check was sent, but did not arrive. In other words, the customer and his agent (the postal service, probably) in the exchange did not fulfill their job of getting the money to the business. That is not something the business can control, and if you try to make it their responsibility, they will simply start refusing payment by mail, since it would…

But making it the customer’s responsibility is cool? In any case, I read this as the notice that payment was required is what got lost, not the payment itself.

Ah, you may be right, but even that still makes the report valid.

Let me tell you what I hear as a business person if you tell me my letter to you was misdelivered: "My mail delivery is unreliable so it's your problem."

Well, no, you didn't tell me it was unreliable, so I couldn't adjust my risk perception or take special precautions. And if you ever want to do business with me again, you're going to come in and execute the transaction on site and not leave with the goods until the bank confirms it's cleared.

On top of which, most billing contracts specify that payment is due whether or not you were notified. You are supposed to keep track, too.

And yes, this is okay, because until we have a proper socialist system, it is, in fact, our responsibility to pay our debts. Don't like it? Don't incur debts.

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

#200

Post by g051051 »

paulddraper wrote: post #196
g051051 wrote: post #190

Earlier quoted context omitted.

Because the purpose of the 31m USD was to compensate people who had bought credit monitoring, spent time dealing with credit reports, freezes, locks, etc. Out of the 147m people who were potentially affected, what percentage actually incurred any real costs vs. the number that rushed to file a claim after the headlines blared "$125 to everyone!"

I don't recall $125 requiring actual previously lost time.

I could be mistaken...I thought there was a clause allowing you to claim up to $125 without having to provide detailed breakdowns of the time and expenses.
Post reply on HN