Three Credit Reporting Companies

The three credit agencies

Consumer credit guide. Equifax credit bureau punished for violating safety regulations The Equifax was fine 500,000 ($660,000) for not protecting the privacy of up to 15 million British nationals during a 2017 terrorist bombing. Between May 13 and July 30, 2017, the event that occurred in the United States affected 146 million global clients. The Equifax is accused of an undisclosed "website app weakness " - a fundamental flaw that does not usually involve a cleverly devised Hack to take advantage of.

Reportedly, the US Department of Homeland Security had already issued a "critical vulnerability" warning to Equifax in March 2017. Repeated failures" at the credit bureau resulted in the fact that person-related information was stored longer than necessary and susceptible to Hacker. Actions that should have been taken to administer person-related information were insufficient and inadequate, according to detectives.

Substantial issues were found with storage, patch of IT systems and auditing processes. It was conducted under the 1998 Act on the Protection of Personal Information (Data Protection Act 1998) and not under the present General Regulation on the Protection of Personal Information (GDPR), and the amount of the fines is the limit permitted under prior law. WHAT DO WE KNOW ABOUT THE EQUIFAX VIOLATION?

It unveiled social security numbers and other important information from 146 million clients worldwide, 15 million of them British people. Between May and July hair attackers had full control over the files, said Equifax. Equifax Ltd. showed serious disrespect for its clients and the information they had been given, resulting in today's fines.

Loan reports: Creditors collect more PINs

Companies like Experian use this information to help establish employee creditworthiness. They are now looking for an arrangement with more utilities and utilities to ensure that consumers are paying their invoices on schedule. The story is then included in a credit review used by creditors to determine whether borrowers are likely to make repayment in the near term and whether they are a good choice to borrow from.

There are three credit bureaus in Great Britain: Exporian, Equifax and Callcredit. You use a variety of information, from voter lists to credit cards, to create individual notifications. Anyone has the legal right to see his account, usually for a charge of £2. Yorkshire Water now shares critical information about all its five million clients with experian, regardless of whether they pay or not.

Experian's James Jones said the agent is looking to do business with other suppliers in the irrigation sector and elsewhere. Said that those who wanted to quickly get a credit record would profit from more information, such as those who moved abroad after some periods and wanted to get credit in the near term.

Sometimes, he reasoned, this was trumpeted by past loan mismanagement.

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