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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

#361

Post by sokoloff »

adrr wrote: post #268
mikeash wrote: post #174

Earlier quoted context omitted.

Equifax and their brother businesses give us low rates in exchange for exposing us to fraud risks whose monetary value is probably literally incalculable. The thing is, we don’t get to choose whether we’re exposed to those risks. It happens whether we like it or not. So let’s say I start a company that offers better TCO: my rates are a bit higher but this is more than made up for by a much lower fraud risk. Do I win…

There are underwriting systems that don't pull credit reports. The loan rates are around 20% and go down as you develop a history with them. People have choices.

"Your kneecaps are your collateral..."

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

#362

Post by ryanmercer »

I smelled this coming a mile away, that's why as soon as the site was live I requested mine and walked my mother through it as well then fired off a volley of text messages and FB messages to friends recommending they check immediately.

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

#363

Post by bengale »

pergadad wrote: post #326
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.

Being offered whether actually planning to buy on credit are different things. I'm German and would never buy furniture for which I don't have the money (exception maybe if the oven breaks and I don't have enough at hand) - but I'd never buy a sofa paying as instalments.

Each time I've got a sofa I've done it on credit. It's always been 0% interest and it seems sensible to keep money liquid if someone wants to give me credit for free.

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

#364

Post by fluffything »

jdietrich wrote: post #320
elcomet wrote: post #318

Earlier quoted context omitted.

Coming from Europe, it would never occur to me to buy furniture on credit, is this something common in the US ?

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 having the money has made me money in some other way. Lucky case, the company bankrupts and I don't end up having to completely pay for the thing at all.

Being also European, it is rare to be offered interest-free financing, and when you are, is because you are already paying a premium and could find the stuff cheaper somewhere else. But occasionally, some shops do have the cheapest price and still offer interest-free rates. I always take it, and have no idea why I wouldn't do that.

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

#365

Post by gregcrv »

tarsinge wrote: post #306
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.…

In France we don’t have credit scores and credit monitoring companies, but everytime you take a loan you are asked for a ton of proof of solvability, and basically give your full bank statements to the credit lender so that they can check your incomes vs spendings (and see what you spend on btw). Don’t know what’s worse.

In the US you still have to provide the same amount of paper work for large loans like mortgages or for renting an apartment even though they already have all the information they need.

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

#366

Post by rootusrootus »

nostrademons wrote: post #271
rootusrootus wrote: post #257

Earlier quoted context omitted.

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.

That is not correct. A small balance raises your score more than a zero balance. But you want to keep it under a third.

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

#367

Post by ryanmercer »

codernyc16 wrote: post #43
harryh wrote: post #40

Earlier quoted context omitted.

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

I had a recent 30 day delinquent payment reduce my credit score by 80 points. And this was because the letter in the mail was mid-delivered. Not that the credit card issuer, nor the credit agencies give two shits. This was after about 5 hours of calls ping-ponging between the two.

I have autopay set up on my Google store Synchrony account, this last bill, for whatever reason, it did not attempt to withdrawal the money then sent me an email saying I was overdue and I now had to pay DOUBLE so I did manually, two days later I get an email saying my adjusted auto-pay had applied.

Guess what popped up on my report this week?

A late payment.

It does not let you pick the autopay date, and instead puts it on the date the bill is due, otherwise I'd have it auto pay at the first of the month weeks before it was due. However, it is not worth my time to call and probably have to deal with a call center for an hour before I get someone that will promise to remove it and then have to write three letters to send off to the CRBs to dispute it and wait another couple of months for it to possibly get removed.

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

#368

Post by ryanmercer »

basch wrote: post #280
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…

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.

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

#369

Post by corodra »

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.

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 that situation, which has decently worked out.

I'm just curious how I'd feel if it didn't work out. Even though I agree with you, that comment kind of stung oddly... I don't know...

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

#370

Post by lunchables »

donaltroddyn wrote: post #316
svennek wrote: post #303

Earlier quoted context omitted.

Of course they do (exist in Europe). Most companies giving you a credit of some sort (banks, phone contracts, ...) are required to do vetting of you. To help them do that, they use credit rating bureaus. In Europe, you as a private person just don't know it and don't have access to your own rating. But you are likely to be rated anyways.. Here is one danish example (at least three exists) https://translate.google.com…

> In Europe, you as a private person just don't know it and don't have access to your own rating. But you are likely to be rated anyways.. In the E.U., there are no private organisations who can process your personal data without making it available to you on request. In Ireland, there's a state-run Central Credit Register, to which lenders must submit any consumer credit agreement above €200, and which they must che…

In the US you can request your credit score once per year from each credit rating angecy at no cost.
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