The only good thing about the trustedid is it creates a web portal where you can click to lock or unlock your report. Other than that I agree completely worthless, I can't believe I will waive my right to sue in exchange for it. What a horrible company Equifax is, I can't believe they're allowed to continue operations. It shows how dependent Americans are on credit and Reporting to function our society. Almost 200 million people it's a lot of people, this act will be brutalizing people for years.
Americans don't have a choice. Equifax has more information on us than just credit. Back many years other types of information was collected by them and we were denied even the right to review (ultimately government set some standards for the industry and the company had to change how they did business). My neighbors told me that Equifax had nothing on them as they lived by cash ... I said wrong. They got a letter from Equifax saying their information had been hacked. Not my problem and I don't really care but, not everyone even did anything they were aware of and Equifax had data on them. If you live in our society some things come with the option and it isn't likely to change in the near future. My guess at least Canada and Australia have credit bureaus too as well as the UK so it is part of life. At one time I lived in the Far East (overseas) where people actually lived without credit and reporting for some of them and they got by but their life style was greatly diminished by not having access to the trappings of today (since I am some what of a minimalist) the loss of many of our trappings and collection of junk is fine with me but I can hear the squealing of the pigs before I even get out the door (the younger generations would not be happy living without as they never were used to it like our grandparents were and so on)!
I agree with every word you stated. Just to let you know I believe the govt decided to not let anyone sue, this is what I heard. I myself thought that Equifax had it together but as days go by. I truly believe that we have not seen anything yet. Next I'm sure will be a much larger Breach by a much larger entity. I grew up in the times there was no CRAs. We all must understand that Fico is the only fair scoring system. We must also understand that it's all about $$$$$. There is no way we can accept the 3 CRAs to create a scoring system like Vantage score or whatever it's called. The only impartial scoring right now is" Fico Models".
I also agree that they all know much more than our debts. This is not over and it's just a matter of time. The younger generations are in for a very rude awakening. They mostly All believe they know everything and it's so important to teach them we can. Half the country don't even care. Why?
Because they are not taught in grade school and or they are given what they want so why care anyway.
My fellow MyFico friend, I have worked in this industry doing mostly all you can in the financial industry and I've seen it all. IT'S UGLY AND THEY WANT TO KEEP US DOWN. MOST PEOPLE UNLESS THE HAVE TO WON'T SEND THE LETTERS TO CORRECT WRONG ITEMS IN THEIR REPORT. I WOULD TAKE ANY 20 - 30 people and ask what a ROTH IRA is and they would say a WHAT????!!!
HAPPY NEW YEAR TO YOU
I WISH YOU THE VERY BEST.
NICE TALKING WITH YOU