8 ms·
It's turbo BS that you're not entitled to cash payout unless you already have a credit monitoring service.
by discreditable 7y ago
It's turbo BS that you're not entitled to cash payout unless you already have a credit monitoring service.
- TAForObvReasons 7y agoThe theoretical argument is that you should only be compensated for damages and incurred costs. If your information is leaked but no one used it, arguably there are no demonstrable damages. If you didn't purchase credit monitoring, you didn't incur any costs.
- powerset 7y agoI wonder what counts as a credit monitoring service. Can I choose what service I use? ...Can I monitor it myself?
- floatingatoll 7y agoThere are two reasonable answers, ignoring whatever is specified in the legalese which of course takes precedence: 1) It must be a third party service that you have entered into a business arrangement with, where the arrangement in clear and specific terms provides you with credit monitoring. 2) It must hold up in a court of law if challenged. That second one is the anti-loophole provision of law, and protects against the kind of loopholes people try to find to get around the clear intent of the requirement. You can choose to use any service that would hold up in a court of law. There are no clear answers on whether "any" service would. Time established, diversity of customers, active or inactive business, frequency of credit report inspection; all could be factors in a judicial evaluation of whether you complied with the terms or not. Capital One? Yes, they plausibly do offer credit monitoring as a service. Joe Bloe's Credit Woes? Entirely possible, if they've been around a while and can demonstrate that they pull credit reports on a regular basis and audit them in some manner. Can you monitor it yourself? Only if you already operate a credit monitoring business. Otherwise, it'll fail the plausible test, and you lose your $125 + lawyer fees + risk angering a judge.
- bluetidepro 7y agoIf you have any basic credit card, you probably have credit monitoring. It's included with most cards. Like, for example, my basic free Capital One card comes with free credit monitoring with CreditWise, which counts for this context.
- lonelappde 7y agoIt's not true. Monitoring is not required.
- paulgb 7y agoIt is true. You have to certify that you have credit monitoring if you choose to take the $125.
- lojack 7y agoyou're actually certifying that you will have credit monitoring for the next 6 months. i.e. you can sign up immediately before filling out the form and keep it for 6 months after.
- PopeDotNinja 7y agoJust sign up for Credit Karma or something similar. It's free
- cmurf 7y agoStep 2, you can self certify up to 10 hours how much time you've spent on prevention or dealing with ID theft. That's $250. And if you can prove it with documentation, an additional 10 hours, for a total of $500.
- basch 7y agoI count at least 6 credit monitors I have active: mint, credit karma, credit union, citi, chase, wf. Significant other has mint, credit karma, different credit union, boa, cap one.