Personal Finance

Equifax says consumers have no choice: they own your data

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  • Nov 15th, 2017 10:43 am
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jeff1970 wrote:
Nov 10th, 2017 6:35 pm
I don't think so...I know they were looking into the UK Equifax too.

However, I do believe that in extreme cases like this, companies like Equifax need full execution or also known as Corporate Capital Punishment. Put them out of business completely. Obviously they're incompetent and don't deserve to have government permission to exist (since they are regulated).

That would leave just Transunion in Canada...perhaps Experian would set up shop in Canada again.
As per above, many countries don't.

Yes, but by the looks of things, and by their ongoing effective duopoly on consumer data, and lack of repercussions (even that hearing seemed more symbolic than anything) - it seems they will not pay :(

I heard there are many class suits - but I mean who are we kidding? They have profited just collecting personal data from people and will pay from those coffers.
Last edited by springdays on Nov 10th, 2017 8:44 pm, edited 1 time in total.
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apnayloags wrote:
Nov 10th, 2017 8:28 pm
a lot of countries do fine without this "credit" bullshit.

its northamerica that can't survive without credit and interest. Wish we could live without this crap here.
Exactly. Tell that to someone who hasn't traveled or posters above who seem to think it is all fine and "normal" to be like this. No wonder Equifax survives and profits off our data so easily.
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I haven't watched this but Oliver usually has some good insights:

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springdays wrote:
Nov 10th, 2017 8:44 pm
As per above, many countries don't.

Yes, but by the looks of things, and by their ongoing effective duopoly on consumer data, and lack of repercussions (even that hearing seemed more symbolic than anything) - it seems they will not pay :(

I heard there are many class suits - but I mean who are we kidding? They have profited just collecting personal data from people and will pay from those coffers.
I'm thinking once a lawsuit gets certified it's going to be huge, and since it's a smaller number of Canadians affected, it's going to be large for them (including myself). That said, whether or not it will reflect true damages remains to be seen; some may have no consequences and have a small windfall, some might end up losing thousands even when you include any settlement. Either way, though, Equifax needs to do better than 12 freaking months of monitoring, it really should be free lifetime with them -- and Transunion. And I say that because I still think that Equifax needs to be permanently put out of business.
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springdays wrote:
Nov 10th, 2017 8:46 pm
I haven't watched this but Oliver usually has some good insights:

You need to watch it because it's not available....(maybe you can in the US...but not in Canada)
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jeff1970 wrote:
Nov 10th, 2017 9:01 pm
I'm thinking once a lawsuit gets certified it's going to be huge, and since it's a smaller number of Canadians affected, it's going to be large for them (including myself). That said, whether or not it will reflect true damages remains to be seen; some may have no consequences and have a small windfall, some might end up losing thousands even when you include any settlement. Either way, though, Equifax needs to do better than 12 freaking months of monitoring, it really should be free lifetime with them -- and Transunion. And I say that because I still think that Equifax needs to be permanently put out of business.
Is it too late to join the class action? I've been behind on all the news on this. Agree with you on lifetime and just shut the company down.
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Right - did you see what I said - extent, depth, and just conveniently ignore all the other countries, as pertaining to my point re North American culture?
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bewiseman wrote:
Nov 8th, 2017 9:03 pm
Who said anything about defaulting? My credit is in good shape, but I had my name, birthdate, address, SIN, username and password, and credit report content, all stolen, due to their data breach issues.
Did they send you a letter saying that or you assume you might be?
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springdays wrote:
Nov 10th, 2017 11:12 pm
Is it too late to join the class action? I've been behind on all the news on this. Agree with you on lifetime and just shut the company down.
Nope...but many are only accepting Canadians that actually had their account hacked. I'm trying to figure out which one to go to. The one is asking for $550M. So I figure this way, they settle for $300M and perhaps give Canadian $200M -- perhaps less to those without their SIN and address compromise - that averages to $25,000 -- but I am thinking less affected might get $5,000 and more severely affected might get $40,000.
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jeff1970 wrote:
Nov 11th, 2017 1:12 am
Nope...but many are only accepting Canadians that actually had their account hacked. I'm trying to figure out which one to go to. The one is asking for $550M. So I figure this way, they settle for $300M and perhaps give Canadian $200M -- perhaps less to those without their SIN and address compromise - that averages to $25,000 -- but I am thinking less affected might get $5,000 and more severely affected might get $40,000.
Did anyone who put their name on the list get any feedback. I'm surprised that there wasn't even an email of acknowledgement .
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springdays wrote:
Nov 10th, 2017 11:12 pm
Right - did you see what I said - extent, depth, and just conveniently ignore all the other countries, as pertaining to my point re North American culture?
Regardless of the "extent" to which credit it used, the same basic personal information is still in a database. This breach would have been just as much of a problem if Equifax did not have as much "entrenchment" as you put it.

Your point is not very clear. Are you just venting against "American" consumerism and scapegoating Equifax for the entire culture?
You need someone with an umbrella not a fork
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jeff1970 wrote:
Nov 11th, 2017 1:12 am
Nope...but many are only accepting Canadians that actually had their account hacked. I'm trying to figure out which one to go to. The one is asking for $550M. So I figure this way, they settle for $300M and perhaps give Canadian $200M -- perhaps less to those without their SIN and address compromise - that averages to $25,000 -- but I am thinking less affected might get $5,000 and more severely affected might get $40,000.
Equifax is not notifying people right? So how do I check and do you have a link to the class suits jeff?
"Obama is the quintessence of all that is wrong with America today.. people looking at the superficial which is skin color and ignoring idiotic behavior." - the poster AndySixx 😲 :facepalm:
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daverobev wrote:
Nov 11th, 2017 9:30 am
https://data.oecd.org/hha/household-debt.htm

What are you trying to say? Other countries' residents aren't in debt?
Thick and a dumb extrapolation.

No that is not what I said. I said not all countries utilize credit agencies in such a deeply entrenched manner.

The links above speak to that. But feel free to think that your credit score world is the norm across the world - no wonder the credit agencies thrive in this sucker environment.
"Obama is the quintessence of all that is wrong with America today.. people looking at the superficial which is skin color and ignoring idiotic behavior." - the poster AndySixx 😲 :facepalm:

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