As much as we would like to deny it, our value and respectability as American citizens is determined primarily be our credit rating. More so than even a criminal record, a poor credit rating will prevent you from getting an apartment, finding a job or even getting a security clearance.

That being the case, last year Congress passed a law that gave American’s the right to see their own credit reports once a year without charge. Naturally, the credit reporting agencies, who make billions of dollars selling information about us to anyone who asks, were outraged and feel we should pay for the privilege.

Well, OK, no company likes to lose a source of revenue or provide an unprofitable service. However, the Self-Delusion Award goes to Equifax CEO, Thomas Chapman who stated.

“Our company felt, and still does … that it’s unconstitutional to cause a public company who has a fiduciary responsibility to return profit to shareholders to give away the product”

Unfortunately, Mr. Chapman declined to indicate precisely to which part of the Constitution he was referring. As far as I know there is nothing in the US (or any other) Constitution that prevents Congress from passing laws that may adversely affect corporate profits.

This entry was posted on Monday, August 8th, 2005 at 10:51 am and is filed under America. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.