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Equifax doesn't want consumers to get their $125

nytimes.com

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Re: Equifax doesn't want consumers to get their $125

#51

Post by jimhefferon »

pimmen wrote: post #30
ummonk wrote: post #9

Earlier quoted context omitted.

Jail time for executives seems a little excessive for some employee merely failing to apply a security patch... On the other hand, this settlement shouldn't have been capped at such a ridiculously low amount.

They made the conscious decision to monetize personal data belonging to more than a hundred million people. That means they should take every measure available to make sure something that sensitive is not released. If this was the US Airforce who lost an armed nuclear ICBM the commanding officer who was ok with this ”whoopsie” would have to explain him or herself to quite a few officials.

> They made the conscious decision to monetize personal data belonging to more than a hundred million people. That means they should take every measure available

I disagree. I think it means they owe a hundred million people (a) an offer to opt-in to their service and (b) a share of their profits for doing so.

Re: Equifax doesn't want consumers to get their $125

#52

Post by fuzz4lyfe »

shawnz wrote: post #47
sokoloff wrote: post #45

Earlier quoted context omitted.

Creditkarma is free. Several credit cards/banks also offer free/bundled credit monitoring.

Why should it be my responsibility to monitor their services in the first place? Even if you do get free credit monitoring it's just yet another technique to shift blame on to the customer

It really is insane that people buy these services. Do you hire a security guard to stand in front of the bank as well?

Re: Equifax doesn't want consumers to get their $125

#53

Post by delinka »

drcode wrote: post #50
cwkoss wrote: post #11

Earlier quoted context omitted.

My lender always drops the lowest of the three scores, so I was able to just say "I'm going to keep looking at other lenders if you contact Equifax on my behalf. Can you agree to not use Equifax on this deal if I agree move forward today?" and it wasn't a problem. Some of the larger lenders may not have this flexibility.

Yeah, instead of getting my lender to give me a better interest rate or a discount on fees, I'm going to instead use my negotiating leverage to make sure Equifax makes $20 less revenue.

Might as well not even vote. Your one votes can't turn the tide.

Re: Equifax doesn't want consumers to get their $125

#54

Post by mlrtime »

hamilyon2 wrote: post #16

I don't understand it. Here is hn, where everyone knows that cybersecurity is 100% offence 0% defence. It is basically our job to secure systems and we all agree it is pretty much impossible, unless you airgap every computer in building and glue every USB port. Then, knowing that, we blame equifax for data breach. Equifax is fat target and it was matter of time data would be stolen.

HN definitely has a pitchfork mentality similar to other groups. It also leans politically left. It's not as bad as reddit yet but it is slowly getting that way (waiting for downvotes).

Re: Equifax doesn't want consumers to get their $125

#55

Post by pas »

notyourday wrote: post #34
cwkoss wrote: post #13

Earlier quoted context omitted.

You have to be willing to walk away if they say no, works best if the company cares about losing the deal - credit card signups might not be lucrative enough for a human to get involved and care.

Primary lenders ( the ones that actually lend their own money and at the end have the best rates -- arrived at adding the total expected cost of the APR plus add junk fees ) do not use non-automated underwriting for conforming loans. They win over the lenders that do not use automatic underwriting by tens of thousands of dollars.

Could someone explain what non-automated underwriting means? And what does confirming mean in this sense?

I get that they win compared to those who use more labor, but still some details would be nice :)

Re: Equifax doesn't want consumers to get their $125

#56

Post by deepsun »

sokoloff wrote: post #45
Traster wrote: post #22

Earlier quoted context omitted.

You're missing the point. There is no hack. You can claim, but in order to claim you need to provide evidence you have credit monitoring. So in order to get 31 cents from equifax you need to prove that you're using an expensive useless service that is either provided by equifax or one of their equally useless competitors. The hacking was done in court.

Creditkarma is free. Several credit cards/banks also offer free/bundled credit monitoring.

Lenders don't look at credit karma, so they are useless, can show you any number you like.

Re: Equifax doesn't want consumers to get their $125

#57

Post by SuoDuanDao »

mlthoughts2018 wrote: post #43
SuoDuanDao wrote: post #33

Earlier quoted context omitted.

You're missing the most important outcome: 4) They insist they have to use Equifax, lose the deal, and note why in their records.

You mean, they insist you have to use Equifax, lose the deal, then then wonder what’s for lunch in the cafeteria today. Or most likely of all, every lender insists you have to use Equifax, and the people you interact with have no authority to even run your request up a management chain, let alone actually honor it.

reasons for losing sales get put in a database, and people pay attention when the same reason shows up repeatedly.

Re: Equifax doesn't want consumers to get their $125

#58

Post by pas »

mlrtime wrote: post #54
hamilyon2 wrote: post #16

I don't understand it. Here is hn, where everyone knows that cybersecurity is 100% offence 0% defence. It is basically our job to secure systems and we all agree it is pretty much impossible, unless you airgap every computer in building and glue every USB port. Then, knowing that, we blame equifax for data breach. Equifax is fat target and it was matter of time data would be stolen.

HN definitely has a pitchfork mentality similar to other groups. It also leans politically left. It's not as bad as reddit yet but it is slowly getting that way (waiting for downvotes).

What does political leaning has to do with IT sec?

Re: Equifax doesn't want consumers to get their $125

#59

Post by sokoloff »

deepsun wrote: post #56
sokoloff wrote: post #45

Earlier quoted context omitted.

Creditkarma is free. Several credit cards/banks also offer free/bundled credit monitoring.

Lenders don't look at credit karma, so they are useless, can show you any number you like.

The point is not whether it's good or bad; the point is that it's a free service that allows you to tell Equifax truthfully that you want the check and not their free credit monitoring.

Re: Equifax doesn't want consumers to get their $125

#60

Post by dsfyu404ed »

delinka wrote: post #53
drcode wrote: post #50

Earlier quoted context omitted.

Yeah, instead of getting my lender to give me a better interest rate or a discount on fees, I'm going to instead use my negotiating leverage to make sure Equifax makes $20 less revenue.

Might as well not even vote. Your one votes can't turn the tide.

Depending on where you live that can be very true.
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