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Eugen Tarnow


      How come the credit rating agencies did not flag the Wells Fargo account fraud?

      Eugen G Tarnow  September 16 2017 08:49:07 AM
      By Eugen Tarnow, Ph.D.
      Avalon Business Systems, Inc.

      Equifax is in the news for a colossal security breach. It seems the customers who paid for credit security were the hardest hit.

      But this may not be the biggest scandal on the horizon involving the credit rating agencies, Equifax, Experian, TransUnion, etc.

      The biggest news story might be that the credit rating agencies must have known about the Wells Fargo account fraud.  

      Imagine that suddenly one institution is creating lots of new accounts for their customers, all of which should show up in the credit rating data. Wouldn't you think credit agencies would notice it?

      There are two possibilities: (1) the credit rating agencies did know about it and chose to keep quiet or (2) the credit rating agencies are somewhat incompetent.

      Let's see which way it is.

      As usual, I reserve the right to be wrong.

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