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A comment on Equifax removed the $125 claim payout option after millions submitted claims. Parent comment

Re:Equifax removed the $125 claim payout option after millio... by acdha on Wednesday July 31, 2019 @09:03PM (#20580308)
The problem isn’t credit but the companies issuing loans without doing their due diligence. If they were routinely required to meet the normal levels of legal proof that you signed a contract or were liable for false claims, the entire system would change overnight. The awareness campaigns about identity theft, monitoring, etc. are all a distraction from the companies originating loans trying to shift the cost of their lax practices to everyone else.
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Re:Equifax removed the $125 claim payout option after millio... by lonelappde on Wednesday July 31, 2019 @09:14PM (#20580360)
The entire model of consumer loans is predicated on everyone else paying extra money to cover defaulters.
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Re:Equifax removed the $125 claim payout option after millio... by toomuchtodo on Wednesday July 31, 2019 @09:20PM (#20580410)
It's one thing to price default into the risk of a note (this is cost of business as a lending institution). It's entirely another thing to price in egregious, arguably fraudulent business practices such as not properly verifying who you're lending to.
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Re:Equifax removed the $125 claim payout option after millio... by dreamcompiler on Wednesday July 31, 2019 @09:33PM (#20580457)
It's perfectly reasonable if you know there's no downside risk because the government not only will not punish you, but taxpayers will bail you out. Welcome to what they call capitalism these days.
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Re:Equifax removed the $125 claim payout option after millio... by toomuchtodo on Wednesday July 31, 2019 @09:35PM (#20580463)
One should not be surprised when their economically rational but morally reprehensible business practice is regulated away.
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