What You Might Want to Know About Equifax
Equifax is as notorious as Wells Fargo these days. It is not every day that you fail to protect the private information of 143 million people. That is roughly 44% of the population that had their consumer information compromised in this latest hack.
I have always said you have to look at the corporate culture to see the real values of a company. So, here is what you need to know.
1) This was reported by Martin Armstrong at www.martinarmstrong.com. The company’s chief financial officer and two other senior executives cashed in on almost $2 million of Equifax stock once they learned about the hack, according to Business Insider’s Mohammed Hadi and Bryan Logan. They knew this would be bad. Since the announcement the stock is down -20%. That is savings of 400,000 on that insider information. That is also highly illegal. Insider trading means jail time in most cases.
2) According to the Consumer Financial Protection Bureau, Equifax has more consumer complaints against them than Wells Fargo.
Here Are the top 5
(1) Bank of America
(2) Equifax - Credit Reporting Agency
(3) Wells Fargo
(4) Experian - Credit Reporting Agency
(5) Transunion - Credit Reporting Agency
Ironically, all 3 credit reporting agencies are in the top 5. I just can't believe that there are two in front of Wells Fargo.
3) Equifax is giving out free credit monitoring services. When you sign up for it, you unknowingly (because consumers rarely read the fine print) accept that you will settle all disagreements with arbitration and you waive your right to ever participate in a class action lawsuit. Arbitration is an anti-consumer process that rarely rules in favor of the consumer. What a class action lawsuit comes up because of this hack? You just waived your right to participate.
Equifax has fired back and said that is not the case. Of course, the legalize is so vague it could be interpreted to mean anything. That takes a lot of gall to use arbitration clauses in these credit monitoring agreements after a 143 million consumers had their information compromised.
The question is this. Did this company do everything possible to prevent this from happening? Taking a look at their culture it makes you wonder.