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

271–280 of 459 posts

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

#271

Post by nostrademons »

rootusrootus wrote: post #257
nostrademons wrote: post #142

Earlier quoted context omitted.

I was surprised how much they change constantly, for silly things like how much balance you have on your credit cards. My wife & I both have excellent credit scores, and we pay all of our bills in full every month. Nevertheless, I've noticed a ~50 point swing in credit scores from month-to-month, all dependent on whether airline tickets, furniture, or charitable contributions happened to make it onto this month's bil…

It's worth remembering that an important aspect of your score is your value as a customer. Risk is one element. Carrying a balance gives you more value than if you never carry a balance.

It's the other way around - your credit score is higher if you have a lower balance on your cards.

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

#272

Post by okcando »

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.

In general, I would say that this consent isn't informed and it's coerced, because you have to consent to do all those things and more which, in sum total, cannot realistically be avoided.

Of course the courts are unlikely to fall on my side because the consequences for contract law would be apocalyptic but I believe it is true in my heart, and that's what really counts.

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

#273

Post by bo1024 »

harryh wrote: post #55
gzer0 wrote: post #51

Earlier quoted context omitted.

Your statement is interesting but does not constitute nor provide any substantive information that is backed by evidence. Backup your 'anecdotal' claims.

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.

I was speaking to a loan officer recently, and the purpose of the credit score seems only vaguely related to how well it actually predicts risk.

The gist was that if all their rates are based on a standard formula with no individual discretion, they are safe from regulation around (1) discrimination, (2) risky lending such as led to '08. That sounded more important to them than actually accurate risk modeling, especially since their competitors are all using the same formulas.

(edit: In particular, even if you offered them access to much more effective/predictive data points than the credit score, they would not use them because of (1) and (2) above.)

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

#274

Post by ars »

bananocurrency wrote: post #31
duskwuff wrote: post #17

Earlier quoted context omitted.

The FAQ is written by the FTC, not by Equifax. They have no need to sugarcoat the situation. :)

They aren't sugarcoating -- they are actively encouraging otherwise and taking a stance on the matter. It's disingenuous to the consumer.

> It's disingenuous to the consumer.

How is it disingenuous? If the numbers are to be believed people would get checks for under $1.

So I'm pretty sure they will be, as the FTC says "disappointed with the amount they receive".

It's actually good advice, (absent raising the payment pool).

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

#276

Post by seattle_spring »

lurquer wrote: post #240
lonelappde wrote: post #198

Earlier quoted context omitted.

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…

Can you provide a citation for your claims? I've never paid credit card interest in my life and have more than an 800 credit score. Mortgage rate is low as hell and the highest rate I've paid for a car is 1.9%.

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

#278

Post by eridius »

lioeters wrote: post #128
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?

According to the New York Times: "Almost half the settlement — $300 million — will go toward American consumers who were harmed by the breach, according to settlement documents filed in federal court in Atlanta. The company also agreed to pay $275 million in fines to end investigations by the Consumer Financial Protection Bureau, the Federal Trade Commission and 48 states, plus the District of Columbia and Puerto Ric…

> If all 147 million victims of the breach were to take part, the monitoring services would cost Equifax more than $2 billion.

The amount it costs to buy credit monitoring isn't how much it costs Equifax to actually do credit monitoring.

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

#279

Post by basch »

eblanshey wrote: post #143
lioeters wrote: post #128

Earlier quoted context omitted.

According to the New York Times: "Almost half the settlement — $300 million — will go toward American consumers who were harmed by the breach, according to settlement documents filed in federal court in Atlanta. The company also agreed to pay $275 million in fines to end investigations by the Consumer Financial Protection Bureau, the Federal Trade Commission and 48 states, plus the District of Columbia and Puerto Ric…

> The company also agreed to pay $275 million in fines to end investigations by the Consumer Financial Protection Bureau, the Federal Trade Commission and 48 states, plus the District of Columbia and Puerto Rico. Equifax's mess-up did damage to American citizens by exposing their information. Why isn't most, if not all, of the money going to them? "Fines to end investigations" just sounds like a bribe -- the governme…

Wouldn't the information have to surface first to call it exposed?

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

#280

Post by basch »

lioeters wrote: post #128
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?

According to the New York Times: "Almost half the settlement — $300 million — will go toward American consumers who were harmed by the breach, according to settlement documents filed in federal court in Atlanta. The company also agreed to pay $275 million in fines to end investigations by the Consumer Financial Protection Bureau, the Federal Trade Commission and 48 states, plus the District of Columbia and Puerto Ric…

Who was harmed, how is anyone going to prove they were harmed?
Post reply on HN