Equifax Could Be A Real Crisis For Trump

Unlike most of his ‘crises’ which are self-inflicted.

Last Thursday, 143 million Americans discovered that the personal information they use to establish credit, take out loans (and is used by employers), and to register to vote was stolen from Equifax. According to most reports, Equifax’s security was laughable. Anyway, this has the potential to be a real disaster for thousands, if not millions, of Americans.

So far, Il Trumpe’s reaction has been non-existent. A competent administration would be providing clear instructions what to do next to protect your credit history. I’ve read/heard so much different and contradictory information from news outlets (never mind the Twitter machine)–I imagine it’s the same for others. A concern (of many) I had with Il Trumpe was what would happen when he faced a crisis that wasn’t of his own making and that wasn’t something that could be left to other parts of the government to handle. Unfortunately, we’re about to find out.

The other thing would be to stop Equifax from continuing to fuck around. Right now, no one should be paying Equifax any money or signing away their right to go to court just to find out if they have had their identity stolen. If Equifax doesn’t play ball, ask the Federal Reserve to refuse to offer access to the overnight to any lender that has used Equifax to assess borrower creditworthiness (on the grounds that Equifax is too incompetent to have evaluated borrowers accurately). I’m sure there are other regulatory actions that can be taken against Equifax as well.

I don’t expect a Republican administration to consider making credit assessment a public function or instituting serious regulatory controls (then again, I wouldn’t feel especially confident about Democrats on this either), but right now, they’re not even doing the basics.

Maybe last Thursday was the day Trump needed to become president.

This entry was posted in Bidness, Economics, Resistance Rebellion And Death. Bookmark the permalink.

1 Response to Equifax Could Be A Real Crisis For Trump

  1. Morbeau says:

    My prediction:
    1. Ignore the problem
    2. Deny there’s a problem
    3. Deny that regulation/prosecution is appropriate
    4. GOTO 1

    Honestly, I think Americans live in a governmental-commercial wasteland. Peoples’ eyes have been focussed on the almighty dollar, Hollywood, and preening exceptionalism for so long they can’t actually understand things like this. Digital media and ubiquitous screens are only going to make this situation worse. Sorry.

Comments are closed.