"The Court gave final approval to the Settlement and overruled all objections on January 13, 2020. However, some of those that objected to the Settlement have now appealed the Court’s decision to approve the Settlement. By order of the Court, the Settlement cannot become final until all appeals are resolved and there is currently no timeline for the resolution of these appeals. When the appellate court enters a schedule for the appeal, we will update this website to provide individuals with more guidance as to the timing of a decision. Please check back for further updates."
No idea why but I always feel any company dealing with blackbox credit rules are very fishy...wish there is a way to remove them away from the financial system.
Having lived in Argentina and The Netherlands all my adult life, I don't fully grasp why you even need those companies -- probably due to the fact that average citizens never deal with those (if they even exist here).
I do think that American culture is a lot more credit-based though, whereas in many places, people don't spend money they don't yet have (eg: I don't have a credit card, and neither do the grand majority of my friends).
I can't get my [knowledge-based authentication] data back. I don't want their measly $125 from them (it will cost me far more time and money when this breach is used against me). I want them to pay the cost for the government to replace the SSN as an identifier. And to pay for the government give me a new SSN in the meanwhile... and they don't get to store the new SSN in their database (because they dun messed up). I think that would be a better outcome for everyone.
Everyone is identified by their birth date, the name of their mother and their birth place. (Their own name is not that important, for example twins can pull off identity fraud easily, as they can pretend to have the name of their twin, and how would anyone know!?)
Sure, we can go full 1984 and GATTACA and use biomarkers and papers and whatever. But that just makes puts many edge cases out of scope, doesn't solve them at all.
If someone shows up at the bank and claims to be someone, they can produce documents, either via simple forgery or by stealing someone else's "identity".
They can then pass all the checks the bank runs. (Sure, if there is some database that says don't open accounts for these IDs, then the scammer can start with persuading the admins of that DB to unlock the corresponding ID.)
And this will always happen as long as we allow fallbacks for people to get access to (and create) their accounts after losing (or without creating) a strong cryptographic key (password).
It's not about the insignificant amount of money everyone will get out of it; it's about equifax being severely punished and fined, even though that settlement won't really change anything.
It’s really a loss for consumers across the United States.
The reality is that a large part of the fintech sector still depends on the data provided by Equifax. Their data is also used for KYC and other security use cases.
We have started Truework (https://www.truework.com) to break that dependency and give consumers control of their data. If you’re interested to help us, please contact me by email.
The Work Number collects payroll information from employers without informing employees that they turn around and sell that information to third parties. They mislead people by saying they don't release pay information without employee authorization while neglecting to mention they sell everything else without asking permission or giving notification.
It looks like you're doing similar kinds of data collection directly from employers. If an employee doesn't request income verification or any other service from you folks, do you collect any data on that employee?
> It’s really a loss for consumers across the United States.
> The reality is that a large part of the fintech sector still depends on the data provided by Equifax. Their data is also used for KYC and other security use cases.
> We have started Truework (https://www.truework.com) to break that dependency and give consumers control of their data. If you’re interested to help us, please contact me by email.
I would be curious to know more about how you give consumers control over their data. I took a look at your link but it is not clear to me.
Call me cynical, but when I read the news of the breach I went and bought EFX call options for 3 months. Because even though I am not sure whether the "deep state" exists or it's a conspiracy theory, I was somehow confident that I was making a good investment. It has paid off handsomely indeed.
When you buy calls but don't have the capital to exercise those calls, do brokerage services lend you the money to collect on the gains assuming your call is in the black?
I have a pretty good stock portfolio, but I haven't dipped my toes into the call/put, futures, derivatives, "iron condors", etc. world yet.
I suppose "the company be dissolved, its records thoroughly purged, and its ability to legally operate revoked" is a bit too much... though it shouldn't be.
Is there a reason the triopoly (with Experian and Transunion) persists? I know the bond raters have some government granted status. If it’s the same situation for Experian, maybe they could lose that status to some other company?
I was hoping that such an egregious case would merit at least an enforced slap on the wrist. I guess even the talk of insider trading did not change that outcome. This, along with other recent events, suggests that justice system is tiered. This does not bode well for the future of the republic.
The data has never surfaced. I have to wonder if anybody who claims they had direct identity theft because of the breach automatically loses their claim.
It's interesting that most coverage of the incident ignores that detail. I guess people really dont like to hear it because it doesnt fit their narrative. Whatever this interest.com article is, it has very little value. It reads like seo spam. It doesn't discuss any of the developments in the last three weeks, such as Chicago, Indiana, Massachusetts all working out settlements.
So in your "narrative" do social security numbers and other sensitive personal details have some sort of expiration date where if they don't "surface" within a certain time frame they are no longer useable?
[+] [-] g051051|5 years ago|reply
"The Court gave final approval to the Settlement and overruled all objections on January 13, 2020. However, some of those that objected to the Settlement have now appealed the Court’s decision to approve the Settlement. By order of the Court, the Settlement cannot become final until all appeals are resolved and there is currently no timeline for the resolution of these appeals. When the appellate court enters a schedule for the appeal, we will update this website to provide individuals with more guidance as to the timing of a decision. Please check back for further updates."
[+] [-] alteria|5 years ago|reply
[+] [-] yalogin|5 years ago|reply
[+] [-] markus_zhang|5 years ago|reply
[+] [-] WhyNotHugo|5 years ago|reply
I do think that American culture is a lot more credit-based though, whereas in many places, people don't spend money they don't yet have (eg: I don't have a credit card, and neither do the grand majority of my friends).
[+] [-] 317070|5 years ago|reply
OLD COMMENT: Here's the thing, as far as I know, Europe does not have those companies. So it definitely should be possible to do without them...
[+] [-] acklenx|5 years ago|reply
[+] [-] pas|5 years ago|reply
Everyone is identified by their birth date, the name of their mother and their birth place. (Their own name is not that important, for example twins can pull off identity fraud easily, as they can pretend to have the name of their twin, and how would anyone know!?)
Sure, we can go full 1984 and GATTACA and use biomarkers and papers and whatever. But that just makes puts many edge cases out of scope, doesn't solve them at all.
If someone shows up at the bank and claims to be someone, they can produce documents, either via simple forgery or by stealing someone else's "identity".
They can then pass all the checks the bank runs. (Sure, if there is some database that says don't open accounts for these IDs, then the scammer can start with persuading the admins of that DB to unlock the corresponding ID.)
And this will always happen as long as we allow fallbacks for people to get access to (and create) their accounts after losing (or without creating) a strong cryptographic key (password).
[+] [-] zaidf|5 years ago|reply
[+] [-] dylan604|5 years ago|reply
[+] [-] 0xy|5 years ago|reply
[+] [-] gouggoug|5 years ago|reply
[+] [-] ryneandal|5 years ago|reply
[+] [-] victorkab|5 years ago|reply
The reality is that a large part of the fintech sector still depends on the data provided by Equifax. Their data is also used for KYC and other security use cases.
We have started Truework (https://www.truework.com) to break that dependency and give consumers control of their data. If you’re interested to help us, please contact me by email.
[+] [-] wl|5 years ago|reply
It looks like you're doing similar kinds of data collection directly from employers. If an employee doesn't request income verification or any other service from you folks, do you collect any data on that employee?
[+] [-] vageli|5 years ago|reply
> The reality is that a large part of the fintech sector still depends on the data provided by Equifax. Their data is also used for KYC and other security use cases.
> We have started Truework (https://www.truework.com) to break that dependency and give consumers control of their data. If you’re interested to help us, please contact me by email.
I would be curious to know more about how you give consumers control over their data. I took a look at your link but it is not clear to me.
[+] [-] paulgb|5 years ago|reply
I bet they've been paid.
[+] [-] nmstoker|5 years ago|reply
[+] [-] WhyNotHugo|5 years ago|reply
If I get a fine, I'm sure I can't just wait a few years to pay it with no big deal behind that.
[+] [-] cft|5 years ago|reply
[+] [-] echelon|5 years ago|reply
I have a pretty good stock portfolio, but I haven't dipped my toes into the call/put, futures, derivatives, "iron condors", etc. world yet.
[+] [-] DSingularity|5 years ago|reply
[+] [-] rhacker|5 years ago|reply
[+] [-] Andrex|5 years ago|reply
[+] [-] xfitm3|5 years ago|reply
> "Good credit is for poor people" - words of a wealthy friend.
[+] [-] SilasX|5 years ago|reply
[+] [-] cgb223|5 years ago|reply
Is there anything we can (collectively) do?
[+] [-] paulie_a|5 years ago|reply
And a corporate death penalty should exist. Destroy the company completely.
[+] [-] A4ET8a8uTh0|5 years ago|reply
[+] [-] hwc|5 years ago|reply
[+] [-] dylan604|5 years ago|reply
[+] [-] sunsetMurk|5 years ago|reply
EDIT: googled, reading this[1] now.
1- https://www.csoonline.com/article/3444488/equifax-data-breac...
[+] [-] gumby|5 years ago|reply
[+] [-] willart4food|5 years ago|reply
[+] [-] sacman08|5 years ago|reply
[+] [-] stevespang|5 years ago|reply
[deleted]
[+] [-] basch|5 years ago|reply
https://www.cnbc.com/2019/02/13/equifax-mystery-where-is-the...
It's interesting that most coverage of the incident ignores that detail. I guess people really dont like to hear it because it doesnt fit their narrative. Whatever this interest.com article is, it has very little value. It reads like seo spam. It doesn't discuss any of the developments in the last three weeks, such as Chicago, Indiana, Massachusetts all working out settlements.
[+] [-] MattGaiser|5 years ago|reply
[+] [-] akersten|5 years ago|reply
[+] [-] bogomipz|5 years ago|reply