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Equifax Crisis Management Essay

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Crisis Management for Equifax About Equifax As one of the nation’s three major credit reporting agencies along with Experian and TransUnion, Equifax Inc. is a consumer credit reporting agency that has access to confidential information of over 800 million people and more than 88 million businesses globally. It has more than 9000 employees in 14 countries. It offers credit and demographic insights to businesses, in the meantime, also provides customers with credit report and services directly. With the intrinsic identity- “Powering the World with Knowledge”, Equifax has their codes of ethics and business conduct, which is they must be vigilant and protect confidential information. “Confidential information includes all non-public information that might be of use to competitors, or harmful to the Company or its customers, if disclosed. The obligation to preserve confidential information continues even after employment …show more content…

To deal with rumors, we can use Allport and Postman model of rumor dynamics- R ~ i x a to control the effect. R represents rumors, i is the importance of the rumor to the hearer or reader, if true, and a is the level of ambiguity or uncertainty surrounding the rumor. To reduce the effect of rumors, Equifax could reduce the effect of ‘a’ which is to eliminate ambiguity around the factual basis of the rumors. After Equifax announced the data breach, there are some rumors about the data breach among the public, such as “if someone’s personal information was affected” or “whether Equifax will inform everyone if their information has been compromised”, etc. Equifax can post the certain answer of these rumors on their website to eliminate the ambiguity of them. Also, according to Doorley & Garcia, to prevent more rumors, Equifax provides sufficient clarifying details and information on their website as well as Twitter and Facebook platforms as early as

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Political and Legal Environment Equifax Inc. operates both domestically and globally in a complex political and legal environment. In its home country, the USA, Equifax is subjected to several federal and state laws that govern the credit reporting agency which directly impacts the company. Equifax Inc. is subject to the Fair Credit Reporting Act (FCRA), which controls the collection, transmission, and use of consumer credit information. Furthermore, Equifax Inc. is subject to state laws governing data breaches and consumer privacy such as California's Consumer Credit Reporting Agencies Act and New York's Fair Credit Reporting Act. The political environment in the United States also has an impact as Equifax Inc. is subjected to political pressure from many stakeholders, including customers, regulators, and lawmakers, in the United States.

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