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possibly get $125 from the dumb asses at equifax

ButtFumble

By ButtFumble
in Business and Markets

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Nice Guy Eddie

Nice Guy Eddie 13512

Posted
Posted
1 hour ago, McCroskey said:

 


They were lax. No need to rebrand. 113 year old company. It’s hard to explain to people who complain when without CRA’s like Equifax, they’d be paying 25%+ interest on ANY kind of loan they want.

Breaches suck. Not being able to afford to borrow money because credit reports don’t exist sucks exponentially more.


Sent from my iPhone using Tapatalk

 

Rebrand doesn’t mean shutdown.  In fact it means the opposite.

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hornbri

hornbri 1398

Posted
Posted

They updated this, it looks like everyone is going to get less then $125. 

5. I thought I could choose $125 instead of free credit monitoring. What happened?
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.

The free credit monitoring provides a much better value, and everyone whose information was exposed can take advantage of it. If your information was exposed in the data breach, and you file a valid claim before the deadline, you are guaranteed at least four years of free monitoring at all three credit bureaus (Equifax, Experian, and TransUnion) and $1,000,000 of identity theft insurance, among other benefits. The market value of this product is hundreds of dollars per year.

You can still choose the cash option on the claim form, but you will be disappointed with the amount you receive and you won’t get the free credit monitoring.

 

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RollLeft

RollLeft 5045

Posted
Posted

https://abcnews.go.com/US/choosing-125-equifax-payout-leave-disappointed-ftc/story?id=64697461

I didn't file for the cash option, i opted for the credit monitoring and in doing so it still gives you the option to get reimbursed for credit monitoring which i have had for all years since the breach so i get 3 bureau monitoring for free for a few years and should get a check for a few hundred bucks.  You can file up to 20k, it appears, if you file for the monitoring bucket.  

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Damor

Damor 1236

Posted
Posted
41 minutes ago, Clintonaldo said:

Fuck.... I already put down a deposit on a pool so they can get started as soon as ground thaws. I need this money. 

"Jelly-of-the-Month-Club" would have been a better option than the current shit-sammich everyone's getting.

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Rougarou

Rougarou 594

Posted
Posted

I applied for my $125 at least a week ago. Question is, is it first come, first serve (e.g. I applied before most people so I can be considered in the $125 bucket?) or is it a total number that is looked at after a deadline and then simply divide that number by $31mm and that's what wea all get?

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BurdineBandit

BurdineBandit 815

Posted
Posted
11 minutes ago, Rougarou said:

I applied for my $125 at least a week ago. Question is, is it first come, first serve (e.g. I applied before most people so I can be considered in the $125 bucket?) or is it a total number that is looked at after a deadline and then simply divide that number by $31mm and that's what wea all get?

Pretty sure the total settlement will just be divided, so everybody is getting .94 cent checks.

 

Their stupid claim that credit monitoring is "worth" more really pisses me off too. Fucking scammers. There isn't a finite amount of "credit monitors" that affect the supply/demand of credit monitoring, the worth is just what those crooks judge it to be worth. Basically what people will pay for it. And plenty of people don't (and won't choose the option), because it's being monitored by the company who already fucked up security in the first place.

I'm sure it's already been posted, I started on page 3, but I read yesterday that the "3rd party" vendor that they refer all the credit monitoring option people to still has to pay Equifax to access the credit reports for each person. Equifax is still making back a small percentage of every person that passes on the $125 and opts for monitoring. Aside from the fact that the worth of the monitoring is made up bullshit.

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Rougarou

Rougarou 594

Posted
Posted
3 minutes ago, BurdineBandit said:

Pretty sure the total settlement will just be divided, so everybody is getting .94 cent checks.

 

Their stupid claim that credit monitoring is "worth" more really pisses me off too. Fucking scammers. There isn't a finite amount of "credit monitors" that affect the supply/demand of credit monitoring, the worth is just what those crooks judge it to be worth. Basically what people will pay for it. And plenty of people don't (and won't choose the option), because it's being monitored by the company who already fucked up security in the first place.

I'm sure it's already been posted, I started on page 3, but I read yesterday that the "3rd party" vendor that they refer all the credit monitoring option people to still has to pay Equifax to access the credit reports for each person. Equifax is still making back a small percentage of every person that passes on the $125 and opts for monitoring. Aside from the fact that the worth of the monitoring is made up bullshit.

Also most of us already have free credit monitoring through those throw-away benefits at work nobody cares about (e.g. Rocketlawyer, InfoGuard or whatever it's called, some nominal amount of life insurance, etc.) or through CreditKarma, Chase, CapitalOne, etc. (everyone has a version of it) or both.

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BurdineBandit

BurdineBandit 815

Posted
Posted
14 minutes ago, Rougarou said:

Also most of us already have free credit monitoring through those throw-away benefits at work nobody cares about (e.g. Rocketlawyer, InfoGuard or whatever it's called, some nominal amount of life insurance, etc.) or through CreditKarma, Chase, CapitalOne, etc. (everyone has a version of it) or both.

Yeah I have "CreditWise" through CapitalOne. And we all get 1 free report yearly. But Equifax's option has a price tag on it so it must be "worth" more apparently....

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immortal13

immortal13 4059

Posted
Posted
On 7/29/2019 at 8:03 PM, SquishMitten said:

Now I’m torn. I can certainly claim the ten hours (probably more like 15, but it’s not worth the time to itemize everything just to get a little extra). But now these stories suggesting the settlement is going to get diluted have me nervous. The credit monitoring has guaranteed value. If I forgo that and end up with a check for a few bucks then I’ll be pissed. But if I take it and everybody else gets their full payout, I’m gonna be pissed.

Wut?

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Nice Guy Eddie

Nice Guy Eddie 13512

Posted
Posted
30 minutes ago, Anastasis said:

Just got an email requesting verification of the name of my credit monitoring company. 

Given that millions of people have claimed the $125, I don’t think it’s going to fly that everyone has to provide evidence to equifax. I would imagine a new suit is filed against them soon to remove this requirement.  Between the lawyers and administrators, there is going to be little left for the people who were actually damaged. 

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closetojumping

closetojumping 62726

Posted
Posted
On 7/31/2019 at 8:33 PM, WBT said:

The free monitoring is "worth" hundreds of dollars yet almost everyone given a choice would rather have $125?

It’s a late response, so forgive me, but this phenomenon in behavior trends towards what’s known as hyperbolic discounting. Many people would gladly take a smaller reward sooner than something larger paid later or spread over a long period of time.

Beyond that, you also have the issue of not like for like. It’s true in many instances involving cash vs barter. You may value a wonderful steak dinner if you’re already on your way to Del Frisco’s or Pappa’s, but if I offered you $200 on the spot or a $500 steak dinner for you and your SO, just randomly somewhere, you’d take the $200 without thinking twice.

Cash then cards then credits in the offer/promo/incentive value stream also plays a behavioral role.

So, it’s not really that the credit monitoring service has no value and customers are correctly opting for the cash as a pure rejection of the credit monitoring premise. The issue here is that humans are buying like humans. 

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Bullneck

Bullneck 19090

Posted
Posted
On 7/26/2019 at 12:05 PM, Nice Guy Eddie said:

Takes 2 minutes of your time to file.  I have free credit monitoring from Home Depot (or was it Lowes) for another security issue so the $125 from equifax is one its way.

Dear Mr. Eddie,

We must inform you that a suspicious person has charged (2) boxes of nails on your account.  We will immediately address this situation.  Thank you.

Home Lowe's

 

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TwiceHorn

TwiceHorn 31472

Posted
Posted

I suppose the argument went that credit monitoring is the remedy most closely tailored to the harm caused and money only if the person already had credit monitoring.

Only in class actions is a non-monetary award given the consideration that it is given. Everywhere else in the law, money talks bullshit walks. %

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Bevo

Bevo 13577

Posted
Posted
32 minutes ago, TwiceHorn said:

I suppose the argument went that credit monitoring is the remedy most closely tailored to the harm caused and money only if the person already had credit monitoring.

Credit monitoring helps limit future harm but it doesn't do a hell of a lot of good to prevent the current harm that Equifax created.

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Lhorn

Lhorn 4913

Posted
Posted

I had someone open a credit card in my name around year 2000.  Got reported to a collection agency and it was a nightmare getting it taken care of it.  Based on that experience I took the gamble that credit monitoring has a chance to be of more value to me than $125 (if that much).  Who knows.

Some of you MFers bump this thread when your checks start rolling in.  I want to know how big of a mistake I made. 

 

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Bevo

Bevo 13577

Posted
Posted
5 hours ago, Lhorn said:

I had someone open a credit card in my name around year 2000.  Got reported to a collection agency and it was a nightmare getting it taken care of it.  Based on that experience I took the gamble that credit monitoring has a chance to be of more value to me than $125 (if that much).  Who knows.

Some of you MFers bump this thread when your checks start rolling in.  I want to know how big of a mistake I made. 

 

I get free credit monitoring by Equifax through my bank. Let me know when paying for credit monitoring provides extra benefits beyond my free credit monitoring. Looking forward to my $.25 check plus free credit monitoring.

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