The marketplace can be unpredictable, as shown in the 2008 financial crisis. Since 2008 keeping track of one’s own financial means has become increasingly important. Equifax’s goal is to meet the needs of individuals and businesses by providing them with applicable data thereby allowing them to make well informed business decisions. The more organizations and individuals are informed and updated the less of a chance for financial disruptions. In large businesses Equifax provides insight into the consumer’s world, which allows organizations to make conclusions based on factual evidence and analysis of data. This and the expansion of Equifax’s portfolio where the Equifax Chairman and former CEO states "Over the past decade, we have taken a deliberate …show more content…
approach to foster a culture of innovation within our company as our organic growth driver ensuring we deliver value to both our customers and consumers." (Richard F. Smith, 2017) proves that their forward thinking and innovation has paid off and in addition landed themselves on “Forbes Top 100 List of the “"World's Most Innovative Companies" for the Third Year in a Row”. Equifax has instituted a complex and intricate system for which a consumer creates value for the services and/or products offered.
Equifax doesn’t just provide credit scores. Their company is built on the premise of allowing people knowledge of their own financial situation, a concept that is needed in modern times.New emergents in the industry are offering fewer products/ services. For example, the company “Credit Karma” is strictly focused on credit scores. Since new emergents aren’t providing the quantity of products and services as Equifax is their customer’s value perception of the organization is considerably less desirable. The convenience of having both business and personal accounts under one provider that’s able to do it all is an additional benefit customers will receive. Equifax not only believes in making philanthropic donations but also in Corporate Social Responsibility. They encourage their employees to share their “time, money and expertise to causes close to their heart”. Some other examples include; “microlending for small businesses and providing young students with financial education tools”. These various Corporate Social Responsibility avenues demonstrate Equifax’s commitment to their mission statement “Powering the World with Knowledge”. Providing a reasonably priced product/ service and making it cost effective for the consumer is essential to Equifax’s mandate. Remaining competitively priced has allowed the customer to remain loyal to the brand. This in turn offers the customer peace of mind because they are continuing to receive necessary facts and data to substantiate business
decisions.
In this country, there are three major credit bureaus: Experian, Equifax and Trans Union. They offer information to lenders about a person�s credit score. The lower your credit score, the less likely you are to get credit. Each credit report comes with �score reason codes� to explain why your credit score is where it is.
Key stakeholders are owners, directors, employees, and the community that the organization draws it resources businessdictionary.com,2016). Out of the 1000 Wells Fargo customers that were surveyed 3% stated that they were personally affected by the scandal and 14% of them stated that they have changed banks while 30% of them were currently looking to switch. Studies predict that Wells Fargo could lose about $99 billion in deposits and $4 billion in revenue because of customers rejecting to do business. Individual customers weren’t the only ones that were affect by the scandal but similarly 10,000 small businesses (Razin, 2016). I believe that the owners will be affected as well because of profit losses that will eventually affect Wells Fargo shares and the employees were affected after 5,300 of were fired (Razin,
According to the conceptual framework, the potential users of financial statements are investors, creditors, suppliers, employees, customers, governments and agencies, and the general public (Financial Accounting Standards Board, 2006). The primary users are investors, creditors, and those who advise them. It goes on to define the criteria that make up each potential user, as well as, the limitations of financial reporting. The FASB explicitly states that financial reporting is “but one source of information needed by those who make investment, credit, and similar resource allocation decisions. Users also need to consider pertinent information from other sources, and be aware of the characteristics and limitations of the information in them” (Financial Accounting Standards Board, 2006). With this in mind, it is still particularly difficult to determine whom the financials should be catered towards and what level of prudence is necessary for quality judgment.
The most recent reports of corporate social responsibility (CSR) of Well Fargo, is an example of how a massive bank can run an extensive sustainability program. One way in which Wells Fargo is showing its sustainability credentials is by becoming one of the more aggressive and creative lenders within the financial area. Times when banks were often hesitant to lend money to anyone, Wells Fargo claims to have invested more than US$37 billion in loans and investments within the clean technology and green building sectors, since 2012 — already crossing the company’s goal of US$30 billion in such investments by
Credit card companies blame consumers for being too gullible and forthcoming with their private information for many reasons (Shelly, 2010). Out of the six most common ways, that identit...
Mullard, M. (2012). The Credit Rating Agencies and Their Contribution to the Financial Crisis. The Political Quarterly, 83, 77-95
We understand the importance of our missions and the trust our customers place in us. With this in mind, we strive to excel in every aspect of our business and approach every challenge with a determination to succeed.
The system adopted by 7-eleven maximizes the threat for new entrants. That’s means that threat of new entrants of 7-Eleven is low. It is because 7-Eleven has already reached economies of scale through maintaining a strong customer base and brand loyalty. Over the years, 7-Eleven has increases their customer and brand loyalty. The access to latest technology and capital investments in the same ensures that the barrier for entries for new entr...
The corporate social responsibility is a commitment by a business to contribute to economic development while improving the quality of life for employees and their families’ as-well as contributing to the society. Walmart is a well-known company that offers customers the items they want and need at a low cost, with nearly 4,000 stores in the United States. According to the Fortune 500, Walmart was ranked number 1 in 2015. Just like any other superstore Walmart needs to continue the use of social responsibility by recreating a relationship between business and the community especially if they want to dominate the competition in 2016. The use of sustainability, strategic philanthropy, causing market, shared values, stakeholders and global perspective will help readers understand the purpose of social responsibilities in the corporate world.
Intrusion Summary In the early September 2017, a major data breach was announced at Equifax, one of the big three American companies in charge of credit monitoring and calculating credit sources that determine how hard it is for their customers to qualify for a loan application for example. The instruction has caused the loss of staggering amount of personally identifiable information (PII), including Social Security Numbers (SSNs), names, birth dates, addresses, and driver’s license numbers and credit card information. Approximately 143 million U.S. consumers as well as residents in UK and Canada who directly or indirectly use their services have reportedly been impacted by this incident (Fox-Brewster par.2).
Corporate social responsibility (CSR) is similar to an individual’s social responsibility. An individual who is socially responsible is aware of how their decisions affect the environment. Corporate social responsibility can be define as “how well a company meets its economic, legal, ethical, and discretionary responsibilities” (Peter & Sarah, p. 51). Corporate social responsibility holds businesses accountable to stakeholders such as consumers, in areas of concern such as environmental factors, community and society in general. As a result successful CSR initiatives creates a sustainable company in all ways: financially, ethically, environmentally, and socially. The moral problem with CSR is based on the belief that “CSR would be a cost that would be higher than the perceived benefits. By financially supporting “charity” based initiatives, firms are not performing their fiduciary duty to their stockholders” (Peter & Sarah, p. 49).
AT&T’S Corporate Social Responsibility Views In the corporate world, it is important for businesses to be aware of human rights issues and ethics in regards to making the best choices for others and the community. It has been stated how corporate social responsibility “expresses an understanding that the business is responsible for all relevant institutions and stakeholders” (Cayiragasi, Guven & Ozpolat, 2016, p. 207). That being noted, my current occupation at AT&T has demonstrated several manners in which Corporate Social Responsibility has affected the community and environment. For this homework assignment, the programs that AT&T use to contribute to society will be addressed, along with the effectiveness of their programs.
Schofield (2014) researches the difference between public and private company financial reporting. For instance, a private company has fewer consumers reviewing their financial statements, whereas public companies could have multiple consumers reviewing financial statements. In addition, private companies typically have less specialized accounting personnel, whereas public companies will have several. Lastly, Schofield (2014), reviewed the number of amendments proposed and finalized to help benefit private companies financial reporting.
While the concept of an individual having responsibility is commonly recognized, modern views have lead to the emerging issue of corporate responsibility. Business Directory.com defines corporate social responsibility as, “A company’s sense of responsibility towards the community and environment (both ecological and social) in which it operates. Companies express this citizenship (1) through their waste and pollution reduction processes, (2) by contributing educational and social programs, and (3) by earning adequate returns on the employed resources.” But such a concept has been much disputed since at least the 1970’s.
Corporations that place an importance on corporate social responsibility usually have an easier experience when dealing with politicians and government regulators. In compare, businesses that present an irresponsible disregard for social responsibility tend to find themselves fending off various reviews and probes, often brought on at the assertion of public service organizations. The more positive the public insight is that a corporation takes social responsibility seriously; the less likely it is that innovative groups will launch public campaigns and claim government inquiries against it.