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

231–240 of 459 posts

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

#231

Post by g051051 »

chiefalchemist wrote: post #212
g051051 wrote: post #186

Earlier quoted context omitted.

> We had no say. We certinly had no vote. Why should you? It's the credit grantors who use it. They say "when I grant credit to someone with a score of 800, I'm much less likely to lose money. If they have a score of 600, I'm far more likely to lose money." It's their money, your only say is whether you accept their terms or not.

Take a moment to re-read what I said. Give it some thought. It will make more sense when you step back and think broader, and pay less attention to conventional wisdom

No, it still doesn't make much sense.

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

#232

Post by mehrdadn »

throwawaycert wrote: post #226
mehrdadn wrote: post #222

Earlier quoted context omitted.

All I did was I took the story at face value and asked a legal question without saying anything else about anyone . You felt I was somehow "putting nonsense in the creditor's mouth". OK, so why make a ridiculous response instead of just telling me I should wait to hear the other side's story? Or even better, maybe asking what I was thinking in the first place instead of putting your own nonsense in my mouth?

I’m not the one who accused someone of a crime based on a late fee.

I didn't accuse anyone. I asked. Because it sounded like it could be, but I legitimately don't know. You see the difference?

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

#233

Post by throwawaycert »

XaoDaoCaoCao wrote: post #223
throwawaycert wrote: post #209

Earlier quoted context omitted.

What are these "grave and hidden responsibilities" you're talking about? Paying your bills is hardly an obscure pastime. As for your PS, I don't respond to conspiracy theories.

https://worldview.stratfor.com/life-expectancy-pension-retir... Is the World Economic Forum a purveyor of conspiracy theories? Is our reduced purchasing power at the level of food and rent a conspiracy theory? Edit: My apologies, here's the actual WEF press release https://www.weforum.org/press/2017/05/global-pension-timebom...

Pffft. The WEF is a celebrity getaway in the Swiss alps for the same people who caused the 2008 crisis and got away with it. If they’re making that prediction in good faith, it’d be a preemptive confession of guilt. If not, it’s just a distraction from their routine crimes.

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

#234

Post by ineedasername »

patio11 wrote: post #221
harryh wrote: post #40

Earlier quoted context omitted.

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

This statement, which is currently greyed out, is an objective statement of engineering fact about one of the most important technologies introduced in the last one hundred years. I hope I have bought enough street cred to say the following by ghostwriting hundreds of letters to the credit reporting agencies to fix their problems, which are numerous and essentially inevitable given their model and present operations.…

Very thoughtful and interesting. From the perspective of credit monitoring though, while they provide a social good with credit scores and risk assessment, they do so for a profit on the back of consumer information. For something like fraud monitoring, it seems almost an ethical imperative (in the social contract sense) to share information about potential fraud with the people whose information powers your business.

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

#235

Post by Anon1096 »

chiefalchemist wrote: post #212
g051051 wrote: post #186

Earlier quoted context omitted.

> We had no say. We certinly had no vote. Why should you? It's the credit grantors who use it. They say "when I grant credit to someone with a score of 800, I'm much less likely to lose money. If they have a score of 600, I'm far more likely to lose money." It's their money, your only say is whether you accept their terms or not.

Take a moment to re-read what I said. Give it some thought. It will make more sense when you step back and think broader, and pay less attention to conventional wisdom

Are you saying that you should be able to borrow someone else's money, even when they deem you risky? Credit score is a proxy for a lender to determine your credit worthiness. You don't need one if you don't plan to take on credit.

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

#236

Post by harryh »

zucker42 wrote: post #183
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.

This is a fallacious argument. Just because banks use credit scores doesn't mean they are accurate (see argumentum ad populum). What we'd need to demonstrate your claim is for example some data linking credit scores at time of loan to default rate, adjusted for income and loan terms.

Maybe just go upthread to patrick's comment on the topic. He's a much better writer than me.

https://news.ycombinator.com/item?id=20580478

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

#237

Post by fuzz4lyfe »

mehrdadn wrote: post #155
jrockway wrote: post #153

I just submitted my claim and it let me pick the $125 option. All I see on the linked website is that they added an FAQ saying that everyone will get less money if I ask for the $125 and that free credit monitoring will add up to being worth more than that. I don't believe them. So we'll see. I already have credit monitoring from another breach.

It's not just the monitoring that they're saying is worth more than that, it's the monitoring plus the $1M insurance.

$1M dollars of insurance for the credit card companies money. Woohoo!

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

#238

Post by munk-a »

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.

I'm sorry, but is the reason that Equifax isn't in the same class as these guys because Equifax was totally upstanding, never cut corners or fudged numbers and were absolutely upfront when this security breach happened? Because if that's so then I'm curious about the breach they detected three month prior that they tried to cover up.

Equifax is just as shady as those lenders - more so IMO because they have absolutely no obligation or business relationship directly with the individual's whose private data they compromised.

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

#239

Post by merpnderp »

unreal37 wrote: post #111
VeninVidiaVicii wrote: post #36

Earlier quoted context omitted.

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.

Their job does not include notifying you of negative changes to your credit though.

Doesn’t Chase offer this for free?

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

#240

Post by lurquer »

lonelappde wrote: post #198
lostlogin wrote: post #178

Earlier quoted context omitted.

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.

He may be a good credit risk. But he's not s profitsble customer (if I'm reading the post correctly.) If you pay credit cards off early each month and don't pay interest, your score will be horrible. Nobody wants to lend to someone why merely pays back the principal... all the profit is made off the interest and late fees.

My credit score was precisely 0 for many years. I didn't know until I went to buy a car. There was an incentive to get a spoiler and leather seat upgrade if I financed. But, the finance guy st the dealership said I didn't qualify due to a credit score of 0. Shook my head st the absurdity of this. Wrote a check and paid in full. Didn't get the free spoiler and seats. Insane that I can pay for a new car cash, yet don't qualify to finance it.

Post reply on HN