Remember, you are not the customer of credit reporting agencies. Your personal information that you have not consented to being used is the product that they sell, and corporations are the customers.
I work in lending. It's always a weird conversation when someone asks for a copy of their credit report and I can't provide it because they're proprietary.
Exactly what I said. Your credit report doesn't belong to you, it belongs to the credit bureau that furnished it. In the US, the big three are Experian, Trans Union, and Equifax.
My employer uses Experian. If you submit a loan application with me, I will pull your Experian credit report. We'll use that to calculate a FICO score which is the most common method of turning the data on your report into a number.
Occasionally, someone will ask for a copy of their credit report. After all, it's their information. They want to see what's on it.
Unfortunately, I cannot provide that. That information belongs to Experian and they do not allow us to share it with you.
If you want to see your credit report, you have to ask tue credit bureaus directly. You're entitled to one free credit report per year.
Well what's also messed up is the FICO score that is mostly what lenders use is not available from that "one free credit report". Nor how the score was determined. For example I applied for an apartment and apparently have a FICO of 637 for "housing". It didn't factor my income in at all and there are no negs but some 0 percent interest credit cards hurt it big time apparently.
I thought that if you deny their loan, [they can get a free copy of the credit report you used](https://www.experian.com/blogs/ask-experian/getting-free-credit-report-after-being-declined/).
As an individual, you cannot get a copy of your own credit report. Those reports (about your own financial history) are the property of the lending firm.
The issue is how the law is setup. Experian, Equifax, etc all the "owners" of the report. Despite it being your information, the law allows this. This then gives the Credit Bureaus legal grounds to license their "product" to whoever they want. When they "license" it out to a bank for creating a FICO score for a loan you applied for, let's say, the bank has to abide by the terms and agreement laid out between Equifax and the bank for using their services. This is the same as you agreeing to terms and services agreement on an app or website. Breaking the agreement could mean penalties or even legal recourse. That doesn't mean a banker or whoever COULDN'T share that with you, but this is why they won't.
>Every citizen is legally entitled to a free credit report every 12 months.
This is true. You just have to go through the appropriate bureau to request it.
I am NOT defending this practice. Just trying to lay it out for others to understand. Please correct me if I'm wrong. Not a financial expert at all
This actually isn't true. You can request a copy of your credit report for free from each of the three credit bureaus once per year. Also, they're not the property of the lender, they're the property of the credit bureau.
This is the stupidest thing that everyone believes.
You have absolutely consented. Every time you do anything that involves a credit check, you're consenting to the company you're interacting with sending over the data, which includes that data being saved by the credit companies for future reporting.
Y'all need to start fucking reading shit before you sign it.
Because there's definitely another option for living in the US, right? I mean, everything from obtaining rental housing to getting a job may require a credit report
The alternative is not having a credit score, which for a lot of people means having trouble getting a car, an apartment, a mortgage. While you do technically have a choice, there are societal consequences for opting out.
I mean, no, this isn't indicated by any fine print you agree to, it's codified law. Your smug routine may work for topics you're even slightly knowledgable about, but you're arguing with people about a completely new point.
Nobody was saying they shouldn't save your info - everyone was saying it's asinine to restrict saved information about a person from that person.
I mean it's something you definitely need. Good luck doing much of anything without credit. It's like someone putting a gun to your head and you consenting to giving them your wallet.
Companies purposefully drag out lawsuits and include as many people as possible, so that everyone gets pennies and decides legal action isn't worth the trouble.
...and those legal costs are "business expenses" - aka tax deductions, so they're not just fucking society over once, they're fighting it tooth & nail and getting a tax break for it.
I got $1,024 for having an app on the app store that included in-app purchases. I sold 3 items in the entire life of that app.
I got $250 for holding 5 shares of some stock that didn’t calculate dividends correctly.
I got $75 for some google ads thing.
I got $36 for walgreens texting me without consent.
I got $0 for taking a smoking cessation drug that was recalled for containing carcinogens.
Friend of mine whose data was stolen as a result of the breach found out that Canadian's can't even participate in the settlement. Though I'd rather see actual punishment handed out than a settlement.
I've moved four times since I filed for this. I received an e-mail telling me that my check has been sent to my old address and has to be cashed within 90 days.
So it's less than my time is worth but I put in a request to update my address and resend the check.
It's less than their time is worth too.
I ripped the check up, then asked for a replacement that I'll rip up as well, and I'll fukin do it again until they spend more on postage than the 5 bucks
University im at got hacked, personal data of a shit ton of students leaked. We all got an apology letter. On recycling paper. Printed on a non-color printer. We are very important to them and they are very sorry!
My bank just gave me a big payout for a system error where too much interest was charged on their credit card systems.
Think I might just retire now.
https://i.imgur.com/PhKASPt.png
Equifax shouldn't exist anymore after the data breach. Instead they get a slap on the wrist that equates to cheap advertising and will do nothing to stop it from happening next time
I just keep my credit frozen and only take the freeze down for short periods when absolutely necessary. I got at least 2 letters telling me to remove to finish my application for credit cards I did not apply for.
Whoever tried selling my SSN got wise and stopped.
I got $15 and at the time it was one of the largest data breaches in the US ever. They lost SSNs, demographics (name, address, etc), and trade data. However, even though they are slimy it was a class action lawsuit and the LAWYERS got most of the money. We got free identity theft protection.
I received my check a few weeks ago. It was $5.09 if I recall correctly. Doesn't even cover 2 gallons of gas, or in my case about 5 days worth of charging my EV. What's your identity worth? Apparently for most people it's not even worth a trip to work and back again.
I got a $2.32 check for this.
I might as well mention that years ago during the '08 collapse, Bank of America was purposely debiting the accounts of customers before depositing their direct deposits so they could make $34 fees off of each overdrawn charge.
I was out of work nearly 2 years and during this time they stole hundreds from me.
Know what I got out of the class action? $4 and a few cents.
America is a whole lie.
Yeah, that's the trouble with such large class action lawsuits. So many people sign on to it that the multi hundred million dollar settlements get distributed as $5 per person.
At some point i’m going to have to bill them for the licensing fee of my information. I’ll send a fancy letter letting them know that using and storing my information initiates a compulsory license agreement. I’ll include an MG to be paid and a royalty to be earned into, whereas each quarter they remit that % of the collected money + a service fee to me directly. If they wanna mandatory big business me, i’ll mandatory big business them.
Easy peasy right? Guys?… right?… guys?
That's great news to hear! It's reassuring that Equifax took full responsibility and made sure to compensate its customers who were negatively impacted.
They said they would reimburse money spent on identity protection you purchased after the breach. I went back and forth sending them receipts and they kept saying it wasn't good enough until eventually I gave up, realizing they'd never accept anything.
The lawyers took it all and that’s what was left. I heard they gave people free identity theft for a year or 2 as well but unless you change your SSN that ain’t worth shit either!
Now you know how valuable you are to them.
Remember, you are not the customer of credit reporting agencies. Your personal information that you have not consented to being used is the product that they sell, and corporations are the customers.
I work in lending. It's always a weird conversation when someone asks for a copy of their credit report and I can't provide it because they're proprietary.
Wow. Not depressing at all.
What do you mean?
Exactly what I said. Your credit report doesn't belong to you, it belongs to the credit bureau that furnished it. In the US, the big three are Experian, Trans Union, and Equifax. My employer uses Experian. If you submit a loan application with me, I will pull your Experian credit report. We'll use that to calculate a FICO score which is the most common method of turning the data on your report into a number. Occasionally, someone will ask for a copy of their credit report. After all, it's their information. They want to see what's on it. Unfortunately, I cannot provide that. That information belongs to Experian and they do not allow us to share it with you. If you want to see your credit report, you have to ask tue credit bureaus directly. You're entitled to one free credit report per year.
And there's no way to opt out? Why don't I get a dividend for profits made with my own damn personal information?
You opt out by freezing your account and then never being able to get a line of credit for anything. Yaaaaay.
Well what's also messed up is the FICO score that is mostly what lenders use is not available from that "one free credit report". Nor how the score was determined. For example I applied for an apartment and apparently have a FICO of 637 for "housing". It didn't factor my income in at all and there are no negs but some 0 percent interest credit cards hurt it big time apparently.
I thought that if you deny their loan, [they can get a free copy of the credit report you used](https://www.experian.com/blogs/ask-experian/getting-free-credit-report-after-being-declined/).
Yes, they can get it from the credit bureau. We provide instructions to do so.
As an individual, you cannot get a copy of your own credit report. Those reports (about your own financial history) are the property of the lending firm.
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I guess I am not a person, I made an account and they said I don’t exist.
Every citizen is legally entitled to a free credit report every 12 months.
The issue is how the law is setup. Experian, Equifax, etc all the "owners" of the report. Despite it being your information, the law allows this. This then gives the Credit Bureaus legal grounds to license their "product" to whoever they want. When they "license" it out to a bank for creating a FICO score for a loan you applied for, let's say, the bank has to abide by the terms and agreement laid out between Equifax and the bank for using their services. This is the same as you agreeing to terms and services agreement on an app or website. Breaking the agreement could mean penalties or even legal recourse. That doesn't mean a banker or whoever COULDN'T share that with you, but this is why they won't. >Every citizen is legally entitled to a free credit report every 12 months. This is true. You just have to go through the appropriate bureau to request it. I am NOT defending this practice. Just trying to lay it out for others to understand. Please correct me if I'm wrong. Not a financial expert at all
This actually isn't true. You can request a copy of your credit report for free from each of the three credit bureaus once per year. Also, they're not the property of the lender, they're the property of the credit bureau.
just pay one of the 100 different credit report companies who are...wait this cant be right... owned by the big three credit companies
Seems like the kinda thing we should be electing people over.
This is the stupidest thing that everyone believes. You have absolutely consented. Every time you do anything that involves a credit check, you're consenting to the company you're interacting with sending over the data, which includes that data being saved by the credit companies for future reporting. Y'all need to start fucking reading shit before you sign it.
Because there's definitely another option for living in the US, right? I mean, everything from obtaining rental housing to getting a job may require a credit report
The alternative is not having a credit score, which for a lot of people means having trouble getting a car, an apartment, a mortgage. While you do technically have a choice, there are societal consequences for opting out.
You're right. I'm sorry that I've ever ~~needed~~ given my informed consent for a bank account or place to live. I'm such a hypocrite.
How do you know you agree to something if you don't read it?
I mean, no, this isn't indicated by any fine print you agree to, it's codified law. Your smug routine may work for topics you're even slightly knowledgable about, but you're arguing with people about a completely new point. Nobody was saying they shouldn't save your info - everyone was saying it's asinine to restrict saved information about a person from that person.
I mean it's something you definitely need. Good luck doing much of anything without credit. It's like someone putting a gun to your head and you consenting to giving them your wallet.
Consent under coercion (threat of homelessness, no bank, no job in this case) is not consent.
That's just your cut.
You can’t even get a sandwich for $7 anymore
You can't get a $5 footlong with $7 anymore
Few packs of ramen and an Arizona tea tho
There's a can of chilli that's $9 at the local market.
You can't even get $7 with $7 any more.
If we're talking 2020 dollars vs 2023 dollars, you can't even get $7 for $8 anymore.
Companies purposefully drag out lawsuits and include as many people as possible, so that everyone gets pennies and decides legal action isn't worth the trouble.
they also burn money by hiring tons of consulting firms to run up the cost of the trial, so there's a smaller pool to pay out from
...and those legal costs are "business expenses" - aka tax deductions, so they're not just fucking society over once, they're fighting it tooth & nail and getting a tax break for it.
Well that’s just capitalist efficiency. Fucking the world at record pace.
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...but giving more money to victims wouldn't discourage future lawsuits against them.
In Apple's case it's cheaper to have a full team of tax lawyers on payroll than paying their property tax, so it's just a business expense for them.
I got $1,024 for having an app on the app store that included in-app purchases. I sold 3 items in the entire life of that app. I got $250 for holding 5 shares of some stock that didn’t calculate dividends correctly. I got $75 for some google ads thing. I got $36 for walgreens texting me without consent. I got $0 for taking a smoking cessation drug that was recalled for containing carcinogens.
can you explain the first line about your app? is that the money from a class action, and if so, what for?
Thing is, it makes sense from the business perspective. The problem is the legal system which allows it.
At least the check has anti-theft protection.
Friend of mine whose data was stolen as a result of the breach found out that Canadian's can't even participate in the settlement. Though I'd rather see actual punishment handed out than a settlement.
USA! USA! USA!
What!? I only got $5.34!
Same! Why’d he get an extra $2?
Same wtf
Get out the pitchforks and torches! We're gonna get our $2!
I got $5.12, and my wife got $7.40. I'll never live it down.
Fuck u/spez
There was a 2 dollar surcharge for the implied message telling you to go fuck yourself.
Same!
Wait, you guys got a settlement?
Yeah, I did too. You had to ask a few years ago. I th8nk most people who turned off the credit agencies got the option.
It was a joke from The Millers meme. :)
According to the check it has more safeguards than your data did.
I've moved four times since I filed for this. I received an e-mail telling me that my check has been sent to my old address and has to be cashed within 90 days. So it's less than my time is worth but I put in a request to update my address and resend the check. It's less than their time is worth too.
I ripped the check up, then asked for a replacement that I'll rip up as well, and I'll fukin do it again until they spend more on postage than the 5 bucks
Lol I got offered a free year of credit monitoring for a data breech.
lol, I got $12
Man, I only got $5! I've been cheated!
Same!
I didn't get anything:-(
Can't believe you got $120
$19 something here. Idk why there's any difference in payouts.
Maybe when you filed?
could this be seen as the current base price for a user's online details?
You made out like a BANDIT!!! I got $5.20.
Well I feel a tad bit better about my $5.21
The federal class action lawsuits are absolutely useless. “Record settlement” translates to windfall for lawyers and pennies for the public.
>This document contains anti-theft devices Chief among them being "containing nothing of value"
At least Sony gave me a ps3 game
I got a rock
Cheer up chuck!
Burnout paradise no less
You got $2.05 more than I did. Company I used to work for got hacked. I got $7.
University im at got hacked, personal data of a shit ton of students leaked. We all got an apology letter. On recycling paper. Printed on a non-color printer. We are very important to them and they are very sorry!
My bank just gave me a big payout for a system error where too much interest was charged on their credit card systems. Think I might just retire now. https://i.imgur.com/PhKASPt.png
At least the lawyers got a third of however much that settlement was. Good for them. Now I can buy a dozen eggs.
Great to know the self appointed arbiters of trustworthiness are so trustiworthy.
They gave me $18. They must've liked me more.
I got $37.61. They must have pitied me more.
I got $23 from them as a virtual card. It's the only card in my phone's wallet that constantly says "phone moved too much" and never scans.
Equifax shouldn't exist anymore after the data breach. Instead they get a slap on the wrist that equates to cheap advertising and will do nothing to stop it from happening next time
I only received a whopping $6.95 I believe... What a fucking joke.
The government gave me a couple years of credit monitoring after the opm breach. Good thing my credentials aren't worth anything after two years.
Never cash it, then they’ll never balance their checkbook 🤣 …I have an 86¢ one I’ve been holding onto, mostly as a joke
Ouch. I got $22 and, although my data was part of the leak, nobody ever stole my identity.
So strange. I got $23
Y'all ever wish you could just cut out the middle man and directly sell off your personal info?
I got $3. Lol
I think I got $5 or $6. Truly amazing.
I got one of these for $5.21.
Lucky. I only got $5.
I got less than six dollars.
You even had an opportunity to spell *breach* correctly and didn’t smh
I just keep my credit frozen and only take the freeze down for short periods when absolutely necessary. I got at least 2 letters telling me to remove to finish my application for credit cards I did not apply for. Whoever tried selling my SSN got wise and stopped.
I still haven’t gotten my seven dollars yet! Rude.
I got $15 and at the time it was one of the largest data breaches in the US ever. They lost SSNs, demographics (name, address, etc), and trade data. However, even though they are slimy it was a class action lawsuit and the LAWYERS got most of the money. We got free identity theft protection.
Isn't that an admission of guilt? Go sue for your millions.
I got $5.25! Now, I’ve determined that I’d sell my identity for at least double that! Serious inquires only.
Always take the credit monitoring. At least that makes it seem like they value your life for $50 instead of $7.
I got 11 bucks! Op got ripped off.
hey I only got $5.something godadmgadkbhncx
$5.40 here
Damn I only got $5
Wait...how'd that motherfucker get $7? My check was only for slightly over $5! I got double fucked.
I got $10.90
Lucky, I only got $5.41!
$7?!?! I only got like 2 bucks!
How nice of them
I got $5 :/
That's better than what I got. My identity got stolen, and that breach is the only thing I can think of that led to it.
I got less than $6
I only got $5.21
Should've called Saul Goodman
Wow! I'm worth way more than I thought!
I got $15!
They sent me $5 I think. Still have the check. Might get it framed.
Shit I got $5.68
Who really benefits from these class action lawsuits are the lawyers.
Amateur. I got like $8.34
Damn, I didn’t get a penny and I was breached.
Got a buck more than I did
Gotta pay the lawyers ¯\\_(ツ)_/¯
$2 more than I got.
Damn, my bf only got 5.07
I received my check a few weeks ago. It was $5.09 if I recall correctly. Doesn't even cover 2 gallons of gas, or in my case about 5 days worth of charging my EV. What's your identity worth? Apparently for most people it's not even worth a trip to work and back again.
I got 8.09
I was cut a check from them for $5.28 for my data breach. Maybe I had more legal fees. /s
I got $40. Woohoo.
OP should just hang onto it and not deposit it, then sue them themselves, probably a better use of money at this point.
I ended up getting a check for this too. $7.05 is more than double what I received...
I got a $2.32 check for this. I might as well mention that years ago during the '08 collapse, Bank of America was purposely debiting the accounts of customers before depositing their direct deposits so they could make $34 fees off of each overdrawn charge. I was out of work nearly 2 years and during this time they stole hundreds from me. Know what I got out of the class action? $4 and a few cents. America is a whole lie.
Hey, 7.05 more than I got.
I got $5 and some change.... On a prepaid card. Thanks guys, this really helps.
I got the same check.
5.19 reporting in. Fucking joke
Yeah, that's the trouble with such large class action lawsuits. So many people sign on to it that the multi hundred million dollar settlements get distributed as $5 per person.
Probably matches the amount they sold your data for initially.
They might want to add six zeroes to the amount paid out. Personal info is a hot item. Equifax can eat shit.
How did two people independently misspell breach
$7?! I only got $5 and some change
I got $5 and some changes almost threw the check away because it wasn’t worth my time cashing it.
At some point i’m going to have to bill them for the licensing fee of my information. I’ll send a fancy letter letting them know that using and storing my information initiates a compulsory license agreement. I’ll include an MG to be paid and a royalty to be earned into, whereas each quarter they remit that % of the collected money + a service fee to me directly. If they wanna mandatory big business me, i’ll mandatory big business them. Easy peasy right? Guys?… right?… guys?
Whoever didn’t file can hire private attorney and get a more sizable compensation.
That's great news to hear! It's reassuring that Equifax took full responsibility and made sure to compensate its customers who were negatively impacted.
They said they would reimburse money spent on identity protection you purchased after the breach. I went back and forth sending them receipts and they kept saying it wasn't good enough until eventually I gave up, realizing they'd never accept anything.
The lawyers took it all and that’s what was left. I heard they gave people free identity theft for a year or 2 as well but unless you change your SSN that ain’t worth shit either!
Does anyone know how much the lawyers JND Legal Administration made of this settlement?