3 Equifax officers quickly dumped company stock
Information-mongering by credit-reporting companies is a sleazy business. It’s the high-tech version of back fence gossip — unsavory at best, dangerous to your financial life at worst as recently noted by the hack of 143 million Equifax accounts.
Equifax, one of three predominant firms, greedily collected and sold your personal information for years, then allowed it and your linked personal identifiers to be stolen by thugs who use such information to steal your identity. Three of Equifax’s officers then quickly dumped their company stock before the public was notified of the heist, spotlighting the questionable nature of their craft.
Bad enough? No, the company then tried to insulate itself from a possible class-action lawsuit brought by people now at risk with a TOS (terms of service) to which you had to agree in order for them to tell you if yours was among the accounts lost! Monumental gall. They scurried backward from that ploy only after a tap on the shoulder from Congress, but the Securities and Exchange Commission is silent about investigating any insider trading charges against the three Equifax execs.
Remember when your bonafides were simply two or three short notes from current or former creditors and your handshake sealed the deal? But then the paper shufflers, pencil pushers and data entry people invaded our lives.