Equifax Data Breach Settlement

As most of you know, Equifax was breached in July 2017 and the personal information of 147 million Americans was compromised. A class-action lawsuit was filed and Equifax was ordered to pay compensation.

Bottom line, here's a link to file a claim. You can choose additional years of data monitoring or you can choose a cash payment. Here's a link to see if you're eligible for the cash settlement:

FILE A CLAIM

I chose the cash payment and filed a claim for additional time spent monitoring my credit. I figured I spent, on average, about 20 mins per month for 2 years monitoring my credit for fraudulent use. That comes to an additional $200. I probably spent more time than that but have no way to document that.

All the info you need can be accessed thru the above link and associated websites.

I was found ineligible. I usually end up with a check for $20 on average with these kind of suits. I researched it and the the law firms usually get millions and millions. Anybody got any Imitrex they throwing away, the .gov is making it difficult to obtain.

Cool. I was affected and had to take option 1 for the monitoring service. If you already have one, it could be a $125 check to you. Not much but certainly worth a few minutes of your time.

I'm getting a check. I've had Life-Lock for about 10 years so didn't need more monitoring.

I went for the monitoring, maybe something good will come of it.

I?ll be getting the check as USAA provides complimentary credit monitoring.

Cash for me, already pay for monthly monitoring, controlling credit locks, etc. with Transunion.

I was able to add 20 lines total of those laborious 30 minute monthly monitoring sessions and did not have to provide any documentation. ;-)

I'm going to file.

I'm typically not the "class settlement" kind of guy but the credit agencies are really horrible in general and being reckless with the data they hold over us (our data) is beyond irritating.

ETA: I get monitoring through Citi and check the free annuals. I hope that's enough to catch anything.

It turns out, in typical form of our justice system.....

Only 31 million is allocated towards cash paymnets, which will be reduced based on the number of claimants. So, If 30 million people file a claim (about 1/4 US adults) everyone gets a check for $1.00.
The other 480 million of the "settlement" is set aside for equifax to pay itself for your credit monitoring. So, a real settlement doesn't actually exist, and I'm sure after the expiration of the free credit monitoring they'll make a tidy bundle.

So should you select cash or monitoring? .... I don't think you could pay me enough to have equifax monitor my credit. I'm not in the practice of rewarding dipshits and understand that little actually changes.

IMO, putting a freeze on ones credit with the three credit monitoring companies makes more sense then simply monitoring ones credit. It's not that hard or time intrusive to "un" freeze your credit if buying a large item.

Interesting that the acceptance of the cash payout includes certifying that you have monitoring through another source for at least 6 months from now.

I do have monitoring from another source...me. I check my own stuff almost daily. And I don't have to worry about my information getting hacked that way. These credit bureaus are the devil.

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Originally Posted by Gman

Interesting that the acceptance of the cash payout includes certifying that you have monitoring through another source for at least 6 months from now.

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Damage limitation. They're paying you a pittance now so any further breaches fall on the shoulders of whoever else is monitoring for your identity protection. Alternatively, you can take no cash at all for prior breaches and accept their offer of limited future monitoring. I'm pretty annoyed that DOJ settled for this POS agreement on this case but seems to have energy to go after BS cases.

Just out of curiosity, anyone who is signing up for their credit monitoring, do they request to have a CC on file so they can bill you after the expiration of your "free" term?

By appearances this deal is setup to earn them a profit, look nice in the media, while costing nothing. I wouldn't be too suprised if nobody gets a cash payment, because the cost of "visa cards" alone will exceed the $31 Million dollar fund without loading a single penny onto any of them, a judge will probably rubber stamp a motion to call that exhausted. So they get to have Millions of people enroll in a service that doesn't actually cost them virtually anything to "perform", they get to pay themselves for doing it, and then, at the end of the term, I'm betting a lot of people get auto-billed some crazy fees.

Ahhh, the American way.

Allegedly, I am "not affected by the breach". To say I'm skeptical would be an understatement.

Did this breach affect business credit?

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Originally Posted by Irving

Did this breach affect business credit?

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Not that I am aware of. Dun and Bradstreet seem to have a lock on that portion of the industry.

In related news, you can freeze your credit reports with all free bureaus for free. Details over on this thread as to not derail this conversation.

Quote:

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Originally Posted by OxArt

Just out of curiosity, anyone who is signing up for their credit monitoring, do they request to have a CC on file so they can bill you after the expiration of your "free" term?

By appearances this deal is setup to earn them a profit, look nice in the media, while costing nothing. I wouldn't be too suprised if nobody gets a cash payment, because the cost of "visa cards" alone will exceed the $31 Million dollar fund without loading a single penny onto any of them, a judge will probably rubber stamp a motion to call that exhausted. So they get to have Millions of people enroll in a service that doesn't actually cost them virtually anything to "perform", they get to pay themselves for doing it, and then, at the end of the term, I'm betting a lot of people get auto-billed some crazy fees.

Ahhh, the American way.

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There was an option to maintain single bureau monitoring after the free 3 bureau monitoring expires. I'm not sure if they would charge for that or not.

Quote:

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Originally Posted by Jer

In related news, you can freeze your credit reports with all free bureaus for free. Details over on this thread as to not derail this conversation.

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Yup, everyone should keep them locked. Mine are always locked/frozen. I can login to Trans and unlock Trans/Equifax quickly. Experian isn't playing ball with the multi-bureau lock program so I have to login to Experian and unlock a little less quickly with their PIN process.

Regardless, my digits were involved in the Equifax data breach, so I filed a claim.

Be interesting to see how Capital One thing shakes out. I don't currently carry anything with them (I don't carry any CC balances), but have in the past - interest free furniture card, etc. I always paid off way early.

Has anyone with a Chase card sent in the form to opt out of their recent changes? Basically the federal courts allowed the card company to make a change so people can't sue them. You can opt out, but you have to print a document, sign it, and snail mail it in by early August.

Channel 7 News was reporting this morning that there are multiple fake sites now
They warned that you should double check the spelling of the website name as the fakes are very similar.
Never enough fraud.

Equifax breach settlement: You're not getting that $125. Here's why.


https://www.usatoday.com/story/money...ms/1879942001/

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Originally Posted by halletts

Equifax breach settlement: You're not getting that $125. Here's why.


https://www.usatoday.com/story/money...ms/1879942001/

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"Those who have already filed a claim will get an email that will allow them to switch from the cash option to the free credit monitoring."

I think the best solution is for some charitable individual who can code to setup a website + mailing apparatus where people can quickly opt-out of the Equifax settlement.
Possibly who works for a large law firm that wants to make a tidy bundle making equifax pay it's agreed settlement. E.g. bankrupting them.

Maybe that'll motivate a few large companies to spend a couple million a year on cybersecurity. *shrugs*

But nah, our issues with data breaches originate in systematic corruption. Anyone else see the corruption case involving Microsoft bribing officials in four separate countries to obtain contracts? Ah, but that never would've happened here in the past. Nope. Our entire country's infrastructure runs on Microsoft because it's simply so reliable, competitive, secure, and the clear winner in any bid contest. [LOL][Coffee]

It's the way things work though, I'm not here to change the world. I just enjoy pointing out how f'ed it is.

ETA: https://fortune.com/2019/07/22/micro...ribery-scheme/

For people's amusement. Welcome to real America. Same ol' shit as any other country, American's are just indoctrinated to think their shit smells like bread.

It was all about lawyers getting theirs...

Nothing for the victims as usual.