This is stupid. How am I supposed to know what credit monitoring service I used?
Isn’t a better deal to have them supply you credit monitoring for 7 years or whatever?
I suppose. But they themselves got hit. Not very secure.
I thought it’s your choice of monitoring service. It’s all controlled by one company anyway. Monopoly.
How much was the settlement $475 million? USA Today says total $700 million with fees and fines but total for consumers was less. I keep seeing different numbers though from different sources 500mil 300mil.
Equifax will pay at least $380,500,000 into a Consumer Restitution Fund. If the Consumer Restitution Fund is used up, Equifax will pay up to an additional $125,000,000 for Out-of-Pocket Losses. The Consumer Restitution Fund will be used to:
Make cash payments for Out-of-Pocket Losses and Time Spent Purchase Credit Monitoring Services Pay cash Alternative Reimbursement Compensation to Settlement Class Members who already have their own credit monitoring or identity protection coverage before making a claim Make cash payments for Subscription Product Reimbursement; Purchase Restoration Services for all Settlement Class Members, regardless of whether they make a claim Pay the costs of notifying Settlement Class Members and administering the settlement; Pay service awards to the Settlement Class Representatives, as approved by the Court Attorneys’ fees, costs, and expenses, as approved by the Court
And then this: Equifax had more than $3.1 billion in revenue last year, largely from selling data to other companies.
Look at this one:
Haha these companies…
They have an obligation to consumers. We can’t opt out of data collection from Equifax. It’s their responsibility to protect that data. I don’t know how they came to that number in the settlement but a multi billion dollar company that essentially gave away data and then lied or kept secret for a month while peoples lives were destroyed should be held accountable and liquidated. This kind of breach would have destroyed most businesses. I think the settlement is bullshit. They’re offering services to the public for free. Services that they provide. So they just need to hire a few more people and put in a few cubicles and carry on business as usual.
500mil is not a big deal for a multi billion dollar company that probably actually makes much more than is reported by using loopholes in corporate tax law. This hasn’t hurt them. Most people aren’t aware and if they are they could care less. They just hear $125 for free! And sign up and continue doing business through equifax, so their reputation hasn’t even really taken a hit. It’s a show the ftc was obligated to put on for the public. It’s another bailout type of situation meaning the consumer who it seems has no rights gets screwed while the corporations and their executives sit pretty, still able to pay out million dollar bonuses after being essentially saved by the government (consumers). There is no consequence for shady business dealings, for cheating, for basically being a rich brat in this country. Money silences all. A little hush money here, a little gifting there. We are a country with dollar signs in our eyes and money talks nay yells much louder than the poor victims of the 1%.
Equifax made headlines this week by agreeing to pay $700 million for claims tied to its consumer-data breach in 2017.
Yet its former CEO is in line to receive nearly $20 million in stock bonuses since leaving the company following news that the personal data of nearly 150 million Americans was hacked.
An internal company review appears to have cleared former CEO Richard Smith of wrongdoing, although regulators this week said Equifax failed to take basic steps to protect against a hack.
It’s disgusting really.
Failed to take basic steps. I would like to know what those basic steps were. System mainframe user and pass was admin password ? Hahaha I wouldn’t be surprised.
What does that mean? Botched a software patch thay allowed in hackers.
On top of the stock awards, Equifax has agreed to cover Smith’s medical bills for life, a benefit the company estimates is worth another $103,500, according to a company filing. He also walked away with a $24 million pension, and $50,000 in tax and financial planning services.
Oh come on now! This is ridiculous.
During his time as CEO, Equifax’s clawback provision at the time, which the company called “rigorous,” covered accounting fraud but not legal settlements.
So his benefits won’t be altered to offset some of the settlement and he’s not held accountable.
Lesson here is if you know the right people and have the right amount of money then you have the power to do whatever you want without consequence or fear of reprisal.
Someone should steal his identity and empty his offshore holdings.
I bet they are offshore in secured funds. Guarantee he doesn’t trust the financial institutions here and takes full advantage of offshore tax loopholes.
What a looney world our financial institution lives in.
I wonder if any of the celebrities that paid to cheat the education system for the benefit of their lazy uneducated brats will actually see any real jail time. I think Huffman’s getting sentenced soon.
“I don’t think we can pass a law that fixes stupid,” Rep. Greg Walden, a Republican from Oregon, told him. Referring to Ceo Smith. Hahahahaha that’s great!