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Learning, Sharing, and Teaching => Investor Alley => Topic started by: NewDay1 on August 04, 2019, 11:03:10 AM

Title: Equifax Settlement - choices
Post by: NewDay1 on August 04, 2019, 11:03:10 AM
For those of you who have been impacted by the Equifax security breach, which option are you choosing?

(1) $125 - though news reports that they are already out of money on this one
(2) 4 years of credit monitoring services with Experian (not all 3 bureaus)

Is it worth number even filing for the credit monitoring service?

https://www.equifaxbreachsettlement.com/

Appreciate your thoughts.

Title: Re: Equifax Settlement - choices
Post by: seattlecyclone on August 04, 2019, 01:54:54 PM
With how many people have chosen the cash option, there's essentially no chance of getting the full $125. They have a fixed pot of money that will be divided against anyone claiming cash.

That said, I don't really value "credit monitoring" services. This is a service that only needs to exist because companies such as Equifax are terrible at securing their data, pretty much every SSN is available to someone looking hard enough, and yet we still treat these numbers as sufficient identification to open credit cards. Credit Karma will do this for you for free, so I'll take the small amount of cash over that any day.
Title: Re: Equifax Settlement - choices
Post by: lexde on August 06, 2019, 06:42:50 PM
It will cost them more to mail the check than the face value of the check.

But credit monitoring is totally free from CreditKarma, CreditSesame, basically any credit card issuer, etc.

I'd file and request cash just to stick it to them. Can't hurt.
Title: Re: Equifax Settlement - choices
Post by: Proud Foot on August 07, 2019, 01:38:51 PM
My wife and I filed for the money. Not counting on receiving the estimated $125 each but I will take whatever amount it ends up being.
Title: Re: Equifax Settlement - choices
Post by: Nick_Miller on August 07, 2019, 01:48:24 PM
Yeah didn't the FTC recently send out a message that was basically, "Uhhhhh...we didn't realize so many people would want cash! Please reconsider taking the cash option!"?

It sounds like the overall settlement is too low.
Title: Re: Equifax Settlement - choices
Post by: jps on August 07, 2019, 03:00:51 PM
Quote from: panda on August 07, 2019, 02:46:28 PM
It will be very interesting to see if the hours get paid at $25/hr.

They won't. They set aside a very small amount for the claims that people make, both the $125 and any hourly work claims. It sounds like enough people have already signed up that nobody would even get $125, let alone more for the hours claimed.