Changes to Come Within Credit Agencies

There’s going to be a new way o doing things at the credit agencies after the Equifax consumer data hack. The agencies Equifax, TransUnion, and Experian will be receiving embedded regulators to keep any breach, no matter how big or small, from happening again. Companies should be ready and willing to take on this new task-force. 

In order to gain the trust back of the consumer, and the marketplace, and create new ways of doing things and improving their standards, they will absolutely have to put 100% effort and commitment to this. The ways of old won’t protect us anymore and criminals have found ways to circumvent the firewalls. Whatever the new plan to protect us and our information will be, the agencies must welcome it and be ready to get to work. 

The Equifax breach reached 143 million Americans, which is 43% of the entire population. The scary part isn’t only the fact that all the information of almost half the country was exposed, it was when Equifax disclosed it six weeks later! 

In the wake of all this chaos, the CEO took an early retirement and investigations begun.  Keep in mind that this data breach was far worse than the Home Depot’s and Targets’s breach in the last couple years. 

Let’s all hope business leaders and Congress can get this figured out!

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