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To the millions who had their personal information hacked from Equifax, the payback is looking more like an inside negotiated deal. Though Equifax was cautioned before breach that their security measures to protect consumers personal data were insufficient, Equifax chose not to harden their security to address insufficiencies. The breach arrived and followed the usual lengthy legal negotiating with federal government and litigating attorney's reaching a settlement. Outcome: Equifax announces consumers as parties to the settlement, can apply for $125.00 dollar payout or free credit monitoring services. The latter a continuation of services that Equifax was pressured to provide to consumers affected by the Equifax breach. My experience of this outcome: After applying
to receive the one-time $125.00 payout, a month went by until Saturday, September 7 at 8:01 pm EST, I received email from EquifaxBreachSettlement.com informing me I had until October 15th, 2019 to verify my choice of the aforementioned cash amount, or to take instead the credit monitoring service.
The email from EqiufaxBreachSettlement.com emphasized that the $125.00 amount previously offered was unlikely to be close to $125.00 given the number of people who applied for cash payouts. What? I applied at earliest announced date for Equifax cash payout. Were some parties to the settlement notified earlier than other parties to the settlement? Were other parties to the settlement given priority to be cash reimbursed? Got me thinking: Why announce $125.00 payout option to consumers if full payout amount will not be adhered to? Just how much is Equifax paying the company providing the credit monitoring services to those included in the settlement? How much are the attorney's for the litigants being paid in this settlement? Who are the government officials involved in this litigation settlement? Lastly, as jaded as it may sound, can't help but think the emails arriving on a Saturday evening to parties to this settlement, were timed in such a way as to reduce the percentage of consumers from making the October 15, 2019 filing/verification deadline. I do think most money matters in big business and legal practice litigation, is calculated to favor the corporations. No stone is left unturned to minimize the financial impact upon the corporation.
If any interest here, will provide actual email from EquifaxBreachSettlement.com ) with my name, etc. removed). I think based on many consumer reports I've read about arrogant attitudes the major credit agencies take toward consumer requests for information/redress, that little is being done to improve interaction between consumers and credit agencies. I think, until I see consistent evidence to the contrary, that credit agencies by their nature, maintain an adversarial role with the consumers and their personal information upon which they greatly profit.
Last edited by trouillot; 09-08-2019 at 09:21 AM..
I still want to know how much Equifax pays for the consumer credit monitoring service. Then consumer can do an apples to apples comparison to see if the $125.00 payout would be the better deal. In my case, I already have a free credit monitoring service with my bank. I have also been told on call with Experion credit monitoring service (the outfit that took over credit monitoring from Equifax), that the credit monitor services offered are not that good, but rather basic. I strongly suspect that ten years credit monitoring you state, is as fluid as the $125.00 payout. As a lyrics from a great Jazz song go..it ain't necessarily so.
I didn’t apply. I just checked and verified that I had frozen my credit at all agencies, blocked all electronic access to my Social Security file, registered for a PIN with the IRS, made sure I keep my computer updates current and use an anti virus program. When you register with equifax for the freebie, its just more data for them to lose in the next hack.
The credit monitoring option is: four years of 3-credit bureau monitoring, plus six additional years of one-credit bureau monitoring. It is not ten years of 3-credit bureau monitoring. Individual credit bureau agencies may have inaccurate data on their servers/files about you and your credit history. This can create an issue if one credit agency with inaccurate information about you is used by your lender, landlord, HR department for employment, etc. It can be corrected, but means stress, delays and time lost. Important every adult periodically get all three of their credit reports to look over for inaccuracies. Don't assume any business, corporation or governmental entity has completely accurate records about you. I can speak to VA medical records system inaccuracies I've encountered, but that's not the subject of this thread. So much is predicated on accurate data. Be vigilant.
Last edited by trouillot; 09-08-2019 at 12:39 PM..
Take the 10 years of free credit monitoring instead. It is a much better deal than the full settlement payout.
I get credit monitoring for free from multiple sources(credit karma, credit cards, bank). Heck even from past settlements that I didn’t bother to enroll in as this is so common now.
Credit monitoring isn’t worth a dime. So if the settlement ends up only being a dime due to the amount of people that file I would still be ahead. Just freeze your credit when not in use, that is the best solution.
I get credit monitoring for free from multiple sources(credit karma, credit cards, bank). Heck even from past settlements that I didn’t bother to enroll in as this is so common now.
Credit monitoring isn’t worth a dime. So if the settlement ends up only being a dime due to the amount of people that file I would still be ahead. Just freeze your credit when not in use, that is the best solution.
For most part you're spot on. Would not say credit monitoring isn't worth a dime though. It's of some value and has a cost to provide service. In prior post stated would like to see apple-to-apples comparison of $125.00 cash payout vs credit monitoring option in the Equifax settlement. Thinking Equifax has very low cost per individual credit monitoring, and perhaps the $125.00 cash payoff would be better choice. Thing is, Equifax has since reported to litigants that the $125.00 payoff will likely be considerably less given the funds remaining for total payouts. Big business usually always gets big breaks on settlements. Look at big pharmaceutical litigation. One is threatening bankruptcy in order to protect family billions. They knew the harm the huge increase in opium drugs their corporation was aggressively marketing. They were getting while the getting was good, damn the consequences, not their problem. Or so they thought. The underbelly of paid vacations, junkets and other perks provided to physicians and pharmaceutical sales people have become SOP in our country for a long, long time. As far as freezing credit. An excellent move. I've done it in past when my CC number was stolen (very careful with who sees my CC number, and never hand my card to anyone and allow them to walk away with it. I watch their actions with my CC at any register). Complications with freezes begin if one moves around. You get dinged $10.00 each time to freeze and unfreeze. Not a big deal for many, but I think we should not have to pay for credit freeze/unfreeze (or that was cost last I knew). It can add up, and the time it takes to deal with the impossibly difficult to contact credit agencies is a big time waster. Freezes should be cost of doing business for these corporations. After all, most of us did not knowingly volunteer to give our personal information away to the extent that it is used by these corporations. Include those profiting from using our internet data as well. Sure. Somewhere we are signing away our privacies based on privacy agreements buried within terms of use agreements. It's a gotcha. Most everyone knows using or not using the internet is not an option, it is a requirement. America needs stronger privacy laws of personal information as required in Western European countries. I care much about America, but in so many ways we are taken advantage of, treated more like a commodity than a human being. Thus far there is not a political will to seriously crack down, and when I see this not changing over decades - I smell corruption for the benefit of the privileged few.
Last edited by trouillot; 09-09-2019 at 07:22 AM..
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