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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

#291

Post by nhumrich »

OrgNet wrote: post #152

I opted for the credit monitoring and later my wife opted for the $125... since we have all the same accounts, we should be covered either way. But how do we check the status of the credit monitoring? I didn't receive any emails or anything...

That's a false assumption. Credit monitoring is not about monitoring the accounts your currently have, that's covered be there lenders insurance. It's too cover new accounts under your name, which you didn't actually sign up for. Assuming you are covered because your wife has monitoring is a false sense if security. If your identity is stolen, the account will be under your name only, not both

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

#292

Post by valleyer »

jorblumesea wrote: post #205

Does it matter? The alternative, the credit monitoring, was only for 4 years for all 3 credit agencies. 10 years for equifax "monitoring" which is of dubious quality. You know, if you want the same company with atrocious security to tell you when things are going haywire. This is for a lifetime of possible risk. Not to mention credit monitoring's dubious track record. So your tradeoffs were a meaningless product that…

It's Experian monitoring, not Equifax. They are not the same company.

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

#293

Post by innocenat »

pmiller2 wrote: post #269
g051051 wrote: post #227

Earlier quoted context omitted.

> It does not follow at all that the issuer should have permission to give information back to the agency. The agreements you sign when requesting and getting credit explicitly grant that right.

Nothing is really “explicit” when it’s buried in pages of small print legalese. If everyone just read (forget understood, just read) everything they ever signed or agreed to thoroughly, life would slow down significantly.

Many CC contracts I have signed (not US or EU banks) have explicit section and additional (mandatory) signature specifically for sharing data with credit reporting company.

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

#294

Post by leowoo91 »

I believe Equifax wants to give that money so consumers (I didnt read the terms) sign away their rights for future claims. This retraction looks like a marketing effort to make it even more valuable to those who didn't ask for it, I'd wait and see if it resumes..

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

#295

Post by okcando »

g051051 wrote: post #186
chiefalchemist wrote: post #129

Earlier quoted context omitted.

The credit score is a form of behavior modification tool. Some unseen force defined it, and then imposed it upon us. Comply, ideally excel, or be a social outcast (read: screwed). We had no say. We certinly had no vote. Yet it's a simply ubiquitous tool that cleanly defines the behaviour of some man. A relentless normalized nudge. The Man and his System FTW.

> 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.

Because clearly the borrowers are not the only ones capable of being untrustworthy and yet the trustworthiness of neither the lender nor the credit bureau is held to account in this system.

And this is related to the reality that individuals are at a distinct disadvantage for being largely unorganized and unable to bargain collectively, or else they probably would blackball bad lenders and credit bureaus for a history of untrustworthiness.

But they can't; their only tool is the democratic process. We ought to ruin Equifax to the same degree any one of us would be ruined if we had been so careless.

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

#296

Post by ericd »

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.

"Identity theft" just means that a bank or other creditor failed to authenticate the identity of someone they incorrectly gave money to. Why on Earth should I insure against that?

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

#297

Post by HenryBemis »

hinkley wrote: post #261
g051051 wrote: post #181

Earlier quoted context omitted.

This is not "default opt-in", like having the "Subscribe to our email newsletter" checked on an online order form. The sharing of credit worthiness information is the cornerstone of your ability to get credit. It's not a hidden extra, it's not something you can choose not to get, there's no "opt out". It's a condition of doing business with the credit grantor. It's like opting out of having a driver's license. If you…

It is, in a word, extortion.

Yes and no.

Yes because it is. No because you want something that someone else has (£€¥$) and that someone needs some kind of assurance that they could ever get their money back.

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

#298

Post by mehrdadn »

ericd wrote: post #296
mehrdadn wrote: post #155

Earlier quoted context omitted.

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

"Identity theft" just means that a bank or other creditor failed to authenticate the identity of someone they incorrectly gave money to. Why on Earth should I insure against that?

Because we live in a less than ideal world, and you'll have to go through the trouble regardless of how right or wrong it is.

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

#299

Post by [deleted] »

dragonwriter wrote: post #124
zonidjan wrote: post #63

Earlier quoted context omitted.

Debts don't simply "disappear" because a company goes out of business. And there already exist nondischargeable debts (like "criminal penalties, fines, and restitution", or "willful and malicious injury caused by debtor", both of which should apply here).

> Debts don't simply "disappear" because a company goes out of business Yes, they basically do, if it's a limited liability entity (LLC, Corp, etc.) absent the special conditions being met for piercing the corporate veil. > And there already exist nondischargeable debts That effects bankruptcy, not termination of the entity with exhaustion of assets leaving unresolved debt. Just like death or individual whose estate…

[deleted]

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

#300

Post by p49k »

g051051 wrote: post #181
munk-a wrote: post #62

Earlier quoted context omitted.

I'm aware this is legally the case, but I think this is yet another sign that default opt-in isn't a legitimate agreement, society has become pretty litigious and I think some of the understanding around default opt-ins during enrollment for other services and third party data sales need to be revisited. I find them to be highly unethical and to generally result in a contract negotiated without compensation and any c…

This is not "default opt-in", like having the "Subscribe to our email newsletter" checked on an online order form. The sharing of credit worthiness information is the cornerstone of your ability to get credit. It's not a hidden extra, it's not something you can choose not to get, there's no "opt out". It's a condition of doing business with the credit grantor. It's like opting out of having a driver's license. If you…

Credit checks are often required in job applications and almost always when renting a home; it’s not like you can opt out of those.
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