TransUnion: Squeezing Juice from a 20-Year Regulatory Drought

April 21, 2022

I believe everything I read on the Internet. Some things I believe a whole lot, even though the information may be shaded. Navigate to “Feds sue TransUnion, Calling It Unwilling or Incapable of Operating Lawfully.” I noted this passage:

TransUnion tricked people into recurring payments after previously being fined for the activity, the consumer watchdog agency said…

The company’s position echoes the emissions from some high-technology firms:

TransUnion dismissed the claims as “meritless,” saying the allegations “in no way reflect the consumer-first approach we take to managing of our businesses.”

Let’s not regulate or let the financial information sector self regulate. Both are great ideas.

Now let’s think about a government which can manage a large firm operating within its borders. The allegation is that the estimable TransUnion ignored guidelines, suggestions, and rules. Why? Maybe too expensive or just annoying bureaucratic clap trap?

Several observations:

  1. What other firms have adopted the TransUnion approach to treating their customers in a fair and ethical way?
  2. Does the US government see the irony of a commercial enterprise doing what it wants and then having the government sue the company so that it modifies its behavior?
  3. Will TransUnion modify its executive incentive program and make obeying the guidelines, suggestions, and rules of a federal agency important?

I can answer all three questions. My answer: Nope.

Stephen E Arnold, April 21, 2022

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