Commercial Credit Reporting ServicesServices in the area of Commercial Credit Reporting
Our customers are able to analyze the drivers that drive our analyses and we make the necessary tool available for testing the results of our work. Customers make informed choices and explain them to the main interest groups in their companies. It is our vision to work with our customers to design and deploy the necessary analytical instruments and processes to help them efficiently address the risks associated with their businesses.
This is why we provide various ways to access our analyses: via our on-line platform, via our own application programming interface (API), via our own score gateway (e.g. Excel add-in or third parties such as Prof. Schumann). That means we can analyze other third parties' information or your own in-house information with a single, unified assessment method. A text attached to a financials statement has always provided important readings, using computer literacy to analyze hundred of words in a financials statement.
Allow us to do the readings so you can control your risks.
The New York governor Cuomo instructs NYDFS to get credit bureaus to comply with state cyber security regulations.
September 18, 2017, New York Governor Andrew Cuomo instructed the New York Department of Financial Services (NYDFS) to enact an ordinance requiring all government credit bureaus to "register with NYDFS by February 1, 2018 and re-register annually". Cuomo's guideline was published in reaction to a recently published safety case at a large credit bureau for consumers.
On the same date New York Financial Supervisory Authority (NYDFS) published a proposal for a decree (CRA decree). A key objective of the Merger Registry is to make credit bureaus responsible for credit information to the first-in-the-nation cybersecurity regulations of the state (see InfoBytes reporting here), which were completed this year. This Cyber Security Ordinance is applicable to companies that "operate or are expected to function under a licence, registry, charter, certification, permission, accreditation or similar approval under the Banking Act, the Insurance Act or the Financial Services Act" and are governed by the New York Stock Exchange (NYDFS).
Under the Cyber Security Ordinance, companies are required to comply with a number of regulations that run from 28 August 2017 to 1 March 2019. In many respects, these material demands are stricter and more prescriptive than government demands on banks, and are described in our InfoBytes reporting on the Cyber Security Ordinance.
Registerants of credit reporting institutions for consumers would be bound by all the provisions of the Cyber Safety Regulation, but according to a different timetable starting on 4 April 2018 and ending on 4 October 2019. Mr Cuomo pointed out that credit bureaus must enhance their safety checks and said that "[o]versight of credit reporting agencies will help make people' data less susceptible to cyber attacks and other shameful actions in this fast moving global market.
" Governor Cuomo wants to exert a lever effect on this sector by regulation of credit bureaus and encouragement of other states to meet similar demands as in New York in order to reinforce cyber security practice. According to the proposal for a CRA regulation, the NYDFS would examine credit reference bureaus as often as the Superintendent deems necessary to examine the compilation, assessment or servicing of a New York credit reference.
NYDFS Superintendent may decline to renew, withdraw or discontinue the registry of a credit reference bureau for consumers if it determines that "a member, key manager, executive employee or manager of the claimant is not trusted and qualified to act as or in association with a credit reference bureau for consumers, or that the bureau has given cause for the withdrawal or discontinuance of such registry or has violated a minimal level.
Additionally to the Cyber Security Regulation requirement, credit reference bureaus are explicitly excluded from the following practice under the proposal for a CRA Regulation: Credit reference agencies for consumers are mainly governed by the Fair Credit Reporting Act, which anticipates state legislation that regulates several credit reference issues that fall within their area of application.
Other states have, however, issued regulatory submission requests for consumers, and other regulations of the CRA Ordinance and the Cyber Security Ordinance may not be affected by it. As government activity on cyber security issues continues to grow, we will further observe the CRA and Cyber Security Regulation proposals and the action of other states.