Equifax data breach settlement

MichaelB said:
The FTC updated the settlement page as well. It dropped the $125 option completely, and in the FAQ (here) says





FAQ 6 addresses how to change the option if already filed
Click to expand...



That last paragraph was hilarious. “If you want to change from cash settlement to monitoring, you can send them a email at blahblah.com.” I’m trying to picture the large staff of Equifax admins who are standing by to answer, what, 20 million emails from people asking to make the change!
 
cbo111 said:
That last paragraph was hilarious. “If you want to change from cash settlement to monitoring, you can send them a email at blahblah.com.” I’m trying to picture the large staff of Equifax admins who are standing by to answer, what, 20 million emails from people asking to make the change!
Click to expand...
"Could you please change me over to monitoring if the cash settlement is going to be under $50, otherwise please keep me in the cash program. kthxbye."
 
I got married after the breach. I ran the tool with my married name and it says I wasn’t affected. I ran it with my maiden name and it says I was affected. I filled out the form with my maiden name but signed it with my married name. Wonder if that will screw it up...
 
I hadn't done squat until I got an email today (it went to my junk mail folder) from the FTC. Worried it might be a scam, I had to look it up first. After confirming from online searches and in our ER website including this thread, it was legit.


I went to the eligibility lookup tool and it said I was affected. Reading the discussion here made me opt for the free credit monitoring. I already have my credit frozen after the Anthem/BCBS breach a few years ago, so I wonder how useful it will be.
 
scrabbler1 said:
...
I went to the eligibility lookup tool and it said I was affected. Reading the discussion here made me opt for the free credit monitoring. I already have my credit frozen after the Anthem/BCBS breach a few years ago, so I wonder how useful it will be.
Click to expand...


I look at it as "belt and suspenders". Why have a single line of defense when multiple lines of defense are free?


As far as monitoring, I'll bet a bacon cheeseburger that Equifax only monitors their own Equifax db and not TU and Experian. Discover Card also has a free monitor, but no idea which db they monitor... so multiple monitors MIGHT result in broader coverage.
 
I have monitoring through a bunch of widely divergent sources, TurboTax, Credit Karma, Experian.... I get emails from all of them within minutes...for just about anything related to my files. Makes me feel reasonably good.
 
How does the credit monitoring work here? I signed for it and got a confirming claim number. Do they send e-mails when there is something of interest or do I have to check periodically and find it myself. Not sure I would know what to do..........what is the website and how to log in.
 
kaneohe said:
How does the credit monitoring work here? I signed for it and got a confirming claim number. Do they send e-mails when there is something of interest or do I have to check periodically and find it myself. Not sure I would know what to do..........what is the website and how to log in.
Click to expand...


One day they will contact us I suppose. That's what they implied on their website. It might be awhile, probably after some particular court filing. I'm not holding my breath.
 
I had free credit monitoring after a breach a few years ago.

While the monitoring was in effect, I applied for and was approve for a new credit card. Six weeks later the monitoring informed me a new credit card had been opened in my name (the one I had opened). I guess it's better than nothing, but in six weeks the bad guys and gals can do a lot of damage.

The only real defense is to thaw one's credit report at the big three bureaus.
 
I think you mean "freeze", Chuck?
 
I just got an email about the settlement. It says you have until Oct 15 to verify your claim for the $125 settlement by naming the credit monitoring service you had active at the time you filed.

It also states that your claim may be substantially reduced based on the number of claims received.

You also have the option to amend your claim (also by October 15) to choose free monitoring instead.
 
I have free monitoring. I want my dam 1/1,000,000,000 of the settlement amount.
 
I changed mine to the monitoring. I'm thoroughly disgusted. This is why I hate class actions. Only the lawyers win big and very little real cash money ever gets to the people actually wronged. I remember a class action against the major airlines in which their predatory pricing was found to have driven Laker Airways out of business. My husband had traveled extensively on one of the defendant airlines and I had the records. I discovered that the settlement would be in the form of 10% discounts off future flights. Except that you had to book directly through the airline and not through a travel agent.

And guess what they were paying travel agents. Yeah- 10%.:facepalm:
 
athena53 said:
I changed mine to the monitoring. I'm thoroughly disgusted. This is why I hate class actions. Only the lawyers win big and very little real cash money ever gets to the people actually wronged. I remember a class action against the major airlines in which their predatory pricing was found to have driven Laker Airways out of business. My husband had traveled extensively on one of the defendant airlines and I had the records. I discovered that the settlement would be in the form of 10% discounts off future flights. Except that you had to book directly through the airline and not through a travel agent.

And guess what they were paying travel agents. Yeah- 10%.:facepalm:
Click to expand...

I changed to the monitoring today as well. It was pretty straight forward and took about two minutes. It provides up to 6 years (iirc) of free credit monitoring and some other stuff that I will probably never use. Not a bad deal, surely a better deal than the piddly settlement $$.
 
cbo111 said:
I changed to the monitoring today as well. It was pretty straight forward and took about two minutes. It provides up to 6 years (iirc) of free credit monitoring and some other stuff that I will probably never use. Not a bad deal, surely a better deal than the piddly settlement $$.
Click to expand...

I figure leaks are going to be so common now that I'll have free monitoring through them for the rest of my natural life.

Currently getting free monitoring due to Capital One.

(P.S. - I think it's 4 years, not 6. But I didn't read carefully as I need those three cents.)
 
What do you suppose the chances are that Equifax updates/publishes estimated payouts as the October 15 deadline approaches and people amend their claims, shrinking the pool?

(me neither)
 
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steelyman said:
What do you suppose the chances are that Equifax updates/publishes estimated payouts as the October 15 deadline approaches and people amend their claims, shrinking the pool?

(me neither)
Click to expand...

Maybe a few will drop out when they see the fine print in the email I received today (my emphasis added), though I think most of us already knew or assumed this would be the case:

Based on the number of potentially valid claims that have been submitted to date, payments of these benefits likely will be substantially lowered and will be distributed on a proportional basis if the settlement becomes final. Depending on the number of valid claims that are filed, the amount you receive for alternative compensation may be a small percentage of your initial claim.
Click to expand...
 
You can get credit monitoring for free indefinitely now. That’s worth ZERO. I am holding out for hard coin. Gimme, gimme.
 
I froze my credit bureau accounts some time ago. Since that's more than equivalent to credit monitoring, I felt free to ask for the check. But apparently they won't be happy unless you specifically have monitoring. Is there any reason at all why it would be worth it to me to take them up on their credit monitoring offer?
 
steelyman said:
I just got an email about the settlement. It says you have until Oct 15 to verify your claim for the $125 settlement by naming the credit monitoring service you had active at the time you filed.

It also states that your claim may be substantially reduced based on the number of claims received.

You also have the option to amend your claim (also by October 15) to choose free monitoring instead.
Click to expand...
I got the same email. I responded and told them who my credit monitoring service was (and still is).

I suspect, however, that the number of claims is still going to whittle down the payout. But, maybe it'll still be enough to get a cup of coffee. :D
 
So how do I find out the name of my monitoring and if it is is current?

I know earlier someone thought that was a silly question, but I know I got a letter some time back that I got free monitoring because of some other breach. I didn't pay much attention, it's free. So I don't recall the name or the time period. Not even sure I kept any paperwork, or where it is. Might have been the Target breach? Home Depot? There's been so many.

I got the email, it just " you had some form of credit monitoring or protection in place and will continue to have the credit monitoring in place for a minimum of six months from the date of your claim filing. " It doesn't say I had to pay for it.

Can I do some kind of query on my own? Would it show on a credit report? Anything else?

I also want my $0.03, dang it! But with these hoops, it might go all the way to $0.07, and I'll be visiting the "Blow That Dough!" thread!

-ERD50
 
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