So where is the accountability to the public for allowing this debacle to occur?  Will Equifax as a company suffer any consequences from this gross negligence?  Don’t hold your breath. There are thousands of pages of regulations assigned to the financial industry that provide constant oversight of their daily operations.

Unfortunately, they seem to do little to affect negligent human behavior of the type we have recently seen with Wells Fargo and Equifax.

Since the 1950’s, Fair Isaac Corporation, (FICO) has been the major system for determining our three digit credit scores.  Now, the three major credit repositories, Trans Union, Equifax, and Experian, all multi-billion dollar corporations, have pooled some of their considerable resources to create a new scoring system that incorporates a variety of factors not present in the FICO scoring system. 

When President Trump was campaigning for office he made several promises about making the country great again.  Just how much work will be involved in achieving that goal and what specific areas need to be addressed first if we are going to see the fruits of those efforts in the near future? 

When bank employees can create as many as two million bogus accounts using their own customers’ information to perpetrate the fraud under the noses of their multimillion dollar CEO and CFO you must ask whether you could ever trust this company with your money again.

They even targeted illegal immigrants who didn’t have social security numbers by giving them pseudo numbers to create their fake accounts!!

The financial demands on the average family have increased significantly. For a large percentage of these families, real income has declined. As a result, the focus of the average family’s finances has switched from managing their income to managing debt.