Lawmakers signaled Monday that Congress will likely have a swift and powerful response to revelations that the credit reporting company Equifax was hacked, exposing 143 million people to identity theft.
One lawsuit has already been filed against Equifax in the wake of its massive security failure. But that’s the just beginning of the consequences for the credit bureau and the banks that use it.
Intruders accessed names, Social Security numbers, birth dates, addresses and driver’s license numbers in what could be one of the largest data intrusions.
OnlyID, a joint offering from FIS and Equifax, is meant to become consumers’ single sign-on for bank and retail websites and apps. Longstanding relationships may give it a better shot at achieving network effect than previous attempts.
Despite rising home prices and a market where many older homeowners are loath to sell, home equity line of credit lending remains muted in all but one corner of the industry: credit unions.
The credit bureaus will change the way they include information about tax liens and civil judgments in credit reports. This could spur lenders' use of alternative credit data.
