Top 3 Credit Reporting AgenciesThe top 3 credit agencies
Information agencies for the definition of a uniform coding standards for personal information
Equifax, Experian and TransUnion, the three leading credit reference agencies in the USA, have reached an agreement to introduce a common cryptographic protocol to better secure client information. Enterprises say this co-ordinated effort will involve the introduction of Advanced Security Standards (AES) and Triple Security Standards (3Des) using 128-bit encrypted keys that are already widely used to secure critical financials.
The agencies state in a declaration that the acceptance of the common set of rules offers suppliers of information "a unique coding set that can be used when reporting to Equifax, Experian and/or TransUnion". Says Stuart Pratt, Chairman and Chief Executive Officer of the Consumer Database Association, "This collaboration of three competing companies to facilitate, streamline and expedite the use of enterprise scale cryptographic technology is advanced and necessary.
"Those defaults meet the credit agency industry's goal of using cryptography from all information providers and make the cryptographic deployment a simple decision for everyone - from the biggest bank to the smallest lender," says Pratt. Companies say they have also set up an encoding working group to make sure that the adopted norms mirror the continuous advance of technology and methodology.
According to Equifax, 15.2 million British data sets on cyberbreaks have been disclosed.
Located in the US, the firm said that 14.5 million of the violated data sets dating from 2011 to 2016 contained no information that would put UK citizens at risk. However, the company's data was not available to the public. In total, some 145.5 million individuals, mainly in the United States, were affected in their knowledge, among them social security numbers, date of births, and adresses. It also unveiled the driver's licence numbers of some 10.9 million Americans, the Wall Street Journal said.
The Equifax Group announced that it would inform the 693,665 affected British customers by mail and provide them with several of its own and third-party product offerings free of charge to reduce the risks of potential crime. The Equifax case was severely criticised by consumer, regulatory and legislative bodies for dealing with the infringement, which took place between mid-May and the end of July and was not published until 7 September.
It has since separated from its CEO, Information Manager and SEC. In March, the corporation was made aware that there was a flaw in one or more of its proprietary softwares, but it could not fix the issue because it had "both flaws in humans and technology," former CEO Richard Smith said to a US Congress convention caucus.
Equifax is a credit bureau that stores huge volumes of customer information that can be used by financial institutions and other lenders to identify opportunities for customer failure. This violation has led to an investigation by several U.S. and state agencies, among them a U.S. Department of Justice investigation. The Equifax said early this week that it had found that some 8,000 Canadians were also affected by the injury, far less than the 100,000 it had previously cautioned.
He said that the first estimation was "preliminary and not achieved" and that the firm intended to send alerts to those affected with information about free credit surveillance service and ID fraud prevention.