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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

#371

Post by ryanmercer »

pithon wrote: post #136

> The public response to the settlement has been overwhelming. Millions of people have visited this site in just the first week. Because the total amount available for these alternative payments is $31 million, each person who takes the money option is going to get a very small amount. Nowhere near the $125 they could have gotten if there hadn’t been such an enormous number of claims filed. [1] https://www.ftc.gov/en…

Uh, they'd better give me my 125 because I requested it last week. If they had said then I might get 125 I'd have just taken the monitoring.

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

#372

Post by buttcoinslol »

nostrademons wrote: post #142
throwawaycert wrote: post #60

Earlier quoted context omitted.

Credit scores change constantly. What your 80 point drop told creditors is "This person might not have enough money to pay their bills, or is careless or forgetful.". You are perceived as higher risk because, statistically, you are a higher risk. Those of us who maintain excellent credit do it in part by making sure our money gets where it's supposed to. I check online to make sure payments post, or hand in payments…

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…

You can eliminate credit score swings by never generating a credit card statement with a balance. You can do this by paying your card off prior to the statement date.

I spend between $1000-$2000 on credit cards a month and collectively I generate statements with less than $10 spread across 4 cards. My credit score is rock solid from month to month.

If you have six figures of liquid assets (what 0.1% debt vs liquid assets implies) this should be no problem at all.

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

#373

Post by ryanmercer »

ars wrote: post #275
munk-a wrote: post #48

From the FAQ: > Free credit monitoring provides a much better value No, no it does not.

> No, no it does not. You would really pick a check for under $1 over credit monitoring?

When I filled out the form it said I would receive 125$, not 1$. I am owed 125$, you can't go "whoa whoa, way too many people want restitution so we've decided not to give restitution" after the fact.

Worst case it needs to be paid out first come first serve.

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

#374

Post by [deleted] »

ryanmercer wrote: post #371
pithon wrote: post #136

> The public response to the settlement has been overwhelming. Millions of people have visited this site in just the first week. Because the total amount available for these alternative payments is $31 million, each person who takes the money option is going to get a very small amount. Nowhere near the $125 they could have gotten if there hadn’t been such an enormous number of claims filed. [1] https://www.ftc.gov/en…

Uh, they'd better give me my 125 because I requested it last week. If they had said then I might get 125 I'd have just taken the monitoring.

[deleted]

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

#375

Post by adrianN »

behringer wrote: post #353
adrianN wrote: post #349

Earlier quoted context omitted.

For low income families, furniture is something major.

Low income families need to buy furniture at the goodwill, not taking out loans for a leather sofa.

And people who can't afford to pay cash for cars should buy used cars.

Sometimes cash flow is more important than final price. I haven't experienced it myself, but I heard that this is especially true for low income people who live paycheck to paycheck. The $300 couch you can get on a credit for 24 easy payments of 30 dollars is easier to afford than the $100 used couch.

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

#376

Post by josteink »

fluffything wrote: post #364
jdietrich wrote: post #320

Earlier quoted context omitted.

I'm also European, but buying furniture on credit is perfectly normal in my country - indeed, it would be quite unusual to buy any big-ticket item and not be offered credit terms, usually with an interest-free option.

I'm also a human being from planet earth, and if I'm ok with paying X in cash to buy something, and the other persons offers me paying it in interest-free rates, it would be stupid for me not to. Worst case, I move the cash to a 2% interest rate bank account and let it sit there. Best case, there are other investments I can make now with that capital, and end up paying less overall for whatever I was buying because h…

> if I'm ok with paying X in cash to buy something, and the other persons offers me paying it in interest-free rates, it would be stupid for me not to.

Disagree. This severely complicates my economy.

Instead just having X funds less available, I still have the same funds at disposal, but have to remember I owe X to Y which must be paid by Z.

Even just once this makes the simple question “How much disposable funds do I have?” hard to answer.

More than once and I will need a system to manage my own personal economy. That’s horrible!

When asked for credit I always answer no, because the small savings of delayed payment does in no way make up for the extreme complexity it adds to day-to-day economics.

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

#377

Post by krageon »

fluffything wrote: post #364
jdietrich wrote: post #320

Earlier quoted context omitted.

I'm also European, but buying furniture on credit is perfectly normal in my country - indeed, it would be quite unusual to buy any big-ticket item and not be offered credit terms, usually with an interest-free option.

I'm also a human being from planet earth, and if I'm ok with paying X in cash to buy something, and the other persons offers me paying it in interest-free rates, it would be stupid for me not to. Worst case, I move the cash to a 2% interest rate bank account and let it sit there. Best case, there are other investments I can make now with that capital, and end up paying less overall for whatever I was buying because h…

> a 2% interest rate bank account

I'm fascinated by this. Where do you find these sky-high interest rates in banks?

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

#378

Post by elcomet »

fluffything wrote: post #364
jdietrich wrote: post #320

Earlier quoted context omitted.

I'm also European, but buying furniture on credit is perfectly normal in my country - indeed, it would be quite unusual to buy any big-ticket item and not be offered credit terms, usually with an interest-free option.

I'm also a human being from planet earth, and if I'm ok with paying X in cash to buy something, and the other persons offers me paying it in interest-free rates, it would be stupid for me not to. Worst case, I move the cash to a 2% interest rate bank account and let it sit there. Best case, there are other investments I can make now with that capital, and end up paying less overall for whatever I was buying because h…

In this case they make they money with people that forget about it, or do it late and pay huge premiums. I don't want to encourage this business model, that's why I don't do it.

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

#379

Post by basch »

ryanmercer wrote: post #368
basch wrote: post #280

Earlier quoted context omitted.

Who was harmed, how is anyone going to prove they were harmed?

When you filled out the claim it also asked things like how many hours have you spent disputing fraud etc and requesting documentation for over so many hours with additional compensation for each hour you spent trying to fix identity theft. You'd include copies of dispute letters, police reports, receipts for monitoring services, legal expenses etc.

And im asking what legal expenses and police reports there would be since the Equifax data has never been publicly seen?

As far as we know, it has never been used in any way to assume anyone's identity or to steal any money.

Im kind of shocked at the HN community ignoring that the fact that the attack never lead to any public data leak.

Any time you spent disputing fraud or fixing identity theft, if submitted as part of this settlement, would be a lie, because you spent that time addressing data lost by someone else, not Equifax.

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

#380

Post by krageon »

corodra wrote: post #369
behringer wrote: post #353

Earlier quoted context omitted.

Low income families need to buy furniture at the goodwill, not taking out loans for a leather sofa.

I find this to be an interesting quip. I do agree with you, since I've done it myself. I've also taken furniture friends were going to trash. But I refinished and cleaned them. However I know not everyone has those skill sets. But, is it right to say someone can't have something moderately nice? I couldn't afford to in the past and lived like that. I didn't like it, obviously. But I also had an "exit strategy" to tha…

> is it right to say someone can't have something moderately nice

If they can't reasonably pay for it, I don't see what other option there is for a responsible adult. Perhaps that is my cultural background speaking.

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