Major Credit Reporting Companies

The Equifax free of charge credit reporting system, which allows users to block and unblock credit reporting with the company, was launched after Consumer Financial Protection Bureau (CFPB) Consumer Financial Protection Bureau (CFPB) Executive Richard Cordray, CNBC, said early in the morning that the company would strengthen supervision of Equifax and its competitors. "The old times when we just did what we wanted to do, and we sometimes stand trial, are over," Cordray said.

In addition, he demanded the introduction of a system of preventative credit surveillance. You' re going to have to be very accommodating," said Cordray. Equifax's hacking compromise exposed up to 143 million Americans to confidential information and led to law enforcement and regulatory inquiries, among them the New York Financial Services Division (DFS), which subpoenaed Equifax for further information about the violation.

Federated legislation gives the CFPB the authority to oversee and audit large credit bureaus in order to guarantee the accuracy of the information they supply. CFPB imposed a fine totalling USD 5,5 million on TransUnion and Equifax in January for misleading clients about the benefits and costs of their creditworthiness. Calling for extended authority over information protection to avoid violations, Mrordray proposed to place screens in credit bureaus by adopting a strategy from the banking regulation system.

CFPB is working with the Federal Trade Commission and New York-based DFS on a new regulation regime, said Cordray. It also urged Congress to strengthen supervision of the sector.