FTC: Forget about That $125 Settlement from Equifax

Tsing

The FPS Review
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If you had your personal information impacted by Equifax's 2017 cybersecurity breach and filed a claim for $125, prepare to be disappointed. The shamed credit reporting agency only has $31 million set aside for cash restitution, which is not enough to cover each and every consumer who asked for money in return.

The FTC is advising folks to drop the cash option and go for the free credit monitoring service instead, which is "worth hundreds of dollars." Otherwise, your reward could just be a couple of bucks.

For consumers who have already chosen the cash option, the settlement administrator will e-mail those consumers and provide them with the opportunity to either (1) submit additional information, or (2) switch to the free credit monitoring service. Consumers can also contact the settlement administrator directly.
 
Dude I'm like 4 deep in free credit monitoring from companies that can't manage to do security remotely correctly. It's time they pay out the *** for being cheap up front. The bulk purchased buck a year credit monitoring is not even remotely close to restitution for the bullshit this has caused.
 
God damnit... case in point frikin capital one breech. Hopefully it is just credit card applications. I'm sure once again they will "help" "fx" this by offering at least 12 months of ****ty credit monitoring.
 
They should hold Equifax's feet to the ****ing fire. And if the company has to fold because of this call it a LESSON ****ING LEARNED. Equifax doesn't NEED to exist. There are TWO other credit reporting companies that will gladly take on the load. I mean seriously.

And IF by some ****ing miracle Equifax had already negotiated terms of the payout at 125 a person plus 250 for time spent per person with no corroborating documentation. Then they should be forced to MEET THAT. Not have ZERO intention of meeting with with a 31 million dollar pool. Not even good enough to meet the financial obligation of restitution to a million customers.

They were fined in excess of 575 million dollars. If 31 million is flagged for restitution. WHERE IS THE OTHER 544 MILLION DOLLARS GOING?!
 
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raz-0 said:
Dude I'm like 4 deep in free credit monitoring from companies that can't manage to do security remotely correctly. It's time they pay out the *** for being cheap up front. The bulk purchased buck a year credit monitoring is not even remotely close to restitution for the bullshit this has caused.
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This, exactly. What a sham.
 
Complete and utter garbage. A company with it's fingers this deep into your personal information and ability to access credit should not get a pass for their security whoopsie's. They should bankrupt themselves paying the consumer back and then we can be down to 2 big credit agencies.
 
causticspill said:
Complete and utter garbage. A company with it's fingers this deep into your personal information and ability to access credit should not get a pass for their security whoopsie's. They should bankrupt themselves paying the consumer back and then we can be down to 2 big credit agencies.
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Agreed 100%

I actually emailed the PR person that posted that article. I got a nicely worded bullshit statement back which I responded to in kind. The FTC is colluding with these companies to allow them to keep loosing our information without egregious harm to their business. IT is a practice that NEEDS to stop.
 
raz-0 said:
Dude I'm like 4 deep in free credit monitoring from companies that can't manage to do security remotely correctly. It's time they pay out the *** for being cheap up front. The bulk purchased buck a year credit monitoring is not even remotely close to restitution for the bullshit this has caused.
Click to expand...

I am too, but most of my data breaches were the federal government. Wish there was a recourse of some sort there :rolleyes:
 
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