Items Tagged with 'Equifax breach'

ARTICLES

  • Government watchdog calls for CFPB, FTC to have more authority over credit reporting agencies

    GAO wants regulators to have more power over Equifax, Experian, Transunion
    Equifax may be expecting sanctions from both the Consumer Financial Protection Bureau and the Federal Trade Commission over the credit reporting agency’s massive data breach that exposed the personal information of 148 million U.S. consumers to hackers, but one prominent government watchdog is calling for those agencies to have even more authority over Equifax and the like.
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  • Former Equifax manager sentenced to eight months house arrest for insider trading

    Fined $50,000 and forced to forfeit $75,979 for taking advantage of knowledge of the Equifax breach
    Former Equifax Manager Sudhakar Reddy Bonthu was just sentenced to eight months house arrest following his guilty plea admitting he used non-public information to profit off of the credit reporting agency’s massive data breach. Last year, just before Equifax announced that it had exposed the data of more than 148 million American consumers to hackers, Bonthu bought 86 “put” options in Equifax stock that expired on September 15, 2017, ahead of the subsequent drop in Equifax’s stock value in the wake of the breach.
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  • Consumers can now freeze their credit for free

    Credit reporting agencies can no longer charge for credit freezes
    It hopefully just got a little more difficult for scammers to abuse someone’s credit information, because, as of Sept. 21, 2018, consumers can now freeze their credit at all three of the major credit reporting agencies, for free. Consider this one the “Equifax rule.”
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  • New York Department of Financial Services and 7 other states level the regulatory boom on Equifax

    Posse of state banking regulators makes Equifax sign a consent form agreeing to additional oversight
    New York’s Department of Financial Services is cracking down on Equifax. One day after announcing that additional regulations would be coming for credit agencies, NYDFS lowered the boom on Equifax, making the credit reporting agency sign a consent order with eight state banking commissioners in which it promised to undertake risk assessment and receive board oversight on its information security program, audit, information technology operations and vendor management, among other things.
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