IMO it's a little underhanded to offer a product which they already specialize in (credit reports) as a form of "compensation" for their mishandling of consumer data. It's kinda like Chevy recalling your pickup truck and then offering you back your same pickup a month later but with a couple payments made on it.
Kinda weak to me.
they got off lucky this should of bankrupted them. That is just a slight slap on the hand on a settlement "UP TO" 700 milion. Hopefully alot of other states etc go after them for additional $ and put them under although their stocks are still going good
I'm interested in details of the agreement as I'm one of the approx. 182,000 people known to have documentation exfiltrated as a result of the compromse.
There is now a website for the details, and at the bottom it says:
"This Is The Official Settlement Website For The Equifax Data Breach Settlement.
It Is Operated By The Settlement Administrator, Not By Equifax."
Thanks for the link. DH and I are both a part of this. It would be nice to get free Experian credit monitoring.
@GApeachy... on Docs page today there was talk that a person could file for $125 or more depending on the circumstances. Further, the number when run based on the settlement equaled about $3 a person so the question arose as to what is making up the difference in money?
It's all way over my head but if and when the time comes, I'd like to get that free Experian and/or Eq. monitoring. Idk what to do but nothing for now. What would you do?
@GApeachy on Docs posting they did include the mention of free credit monitoring and certain activites could trigger an option for cash. Like you, this was over my head. Tripped on it at my morning read of Doc's website.
Seems like the free credit monitoring would be very real life and of use in this situation. If a person could pick up some assistance from cash ... that to would help take the sting out of the matter. One thing Doc's site stressed was there was a notice related to false reporting equal to "perjury" which is punishable by action of law. Also, there is more to this than what I posted so a person needs to carefully explore the full settlement requirements beyond this post.
For further edification the following is a direct quote from Doctor of Credit's website posting dated July 24, 2019:
"Many of us already have free credit monitoring in place, e.g. from Discover, Credit Karma, etc. So it should/might be possible for us to file a claim for the $125, despite not really having any expenses laid out. If you aren’t subscribed for any credit monitoring services, then technically you aren’t eligible.
You can self-certify the time you spend, up to 10 hours at $25 per hour, for the time you spent dealing with the breach. That’s another $250 on top of the $125 for credit monitoring. Note: this is done under the penalty of perjury. Besides being immoral to lie on such a thing, it’s not worth the risk of perjuring yourself for a few dollars.
An oddity here is that the math doesn’t add up: if there’s a pool of $425M and there are 147M people, that leaves around $3 per person, not $125 per person. I guess a lot of people won’t sign up for the settlement, but the $125 figure still doesn’t make sense.
The website now provides a way to check if you are eligible to file a claim.
I decided to take the $125 'Alternative Reimbursement Compensation' over the 4 year free credit monitoring option.
Then I noticed this:
"If there are more than $31 million claims for Alternative Reimbursement Compensation, all payments for Alternative Reimbursement Compensation will be lowered and distributed on a proportional basis."
Great. So I'd have to hope that less than 248,000 people apply for the $125 to get the full amount. Looking forward to my $1.28 check.
Yep I got the email from the FTC this morning and went right for the credit monitoring for this very reason.
Do we even know the extent of the damage though, there could be fallout from this several years later. With all that info to mine, I doubt everyone who was affected are going to have identity issues the first year. And is $125 enough compensation for those people who had their credit compromised? It's a lot of work to cleaning this type of thing up, no?
Also, if you accept this settlement. Doesn't it mean that you cannot file suit sperately for any damages/mental anguish if it happens 2 years from now?