Ok, hear me out. We all are hating Equifax right now. And their stock price shows it, down around 35% since their hack was revealed. And, like many, I'm ticked off at paying $10 per credit freeze at different agencies when it was their incompetence that put my data at risk.
HOWEVER....
1. I read an article today (wish I could find it) that shows that, even though most people are "worried" about the hack, most are not doing anything about it. It's business as usual. Those of us on these kind of forums are freezing our credit, but the average Joe and Jane aren't.
2. History shows these hacks are soon forgotten. Do you often hear people talk about the major data hacks at Target, Anthem, Yahoo or Home Depot? Even I personally mixed up Equifax and Experian on a post I put up yesterday.
3. The cost of settlement is pretty cheap for companies who are hacked. Equifax has lost around $4 billion in market cap, but comps for settlements from lawsuits would pin the eventual settlement amount in the $200 million range. The reason for the inexpensive "out" is because it's very hard to prove that any specific identify theft is directly tied to any specific hack.
Soooo, rather than continuing to be annoyed at the $30 we need to pay to freeze credit, does it make sense to buy a couple grand of Equifax stock and hopefully make some coin when this thing blows over eventually?
HOWEVER....
1. I read an article today (wish I could find it) that shows that, even though most people are "worried" about the hack, most are not doing anything about it. It's business as usual. Those of us on these kind of forums are freezing our credit, but the average Joe and Jane aren't.
2. History shows these hacks are soon forgotten. Do you often hear people talk about the major data hacks at Target, Anthem, Yahoo or Home Depot? Even I personally mixed up Equifax and Experian on a post I put up yesterday.
3. The cost of settlement is pretty cheap for companies who are hacked. Equifax has lost around $4 billion in market cap, but comps for settlements from lawsuits would pin the eventual settlement amount in the $200 million range. The reason for the inexpensive "out" is because it's very hard to prove that any specific identify theft is directly tied to any specific hack.
Soooo, rather than continuing to be annoyed at the $30 we need to pay to freeze credit, does it make sense to buy a couple grand of Equifax stock and hopefully make some coin when this thing blows over eventually?