Mark Begor said Wednesday that banks and other customers will receive regular updates on the credit reporting agency’s efforts to improve its cybersecurity in the wake of last year’s massive data breach.
Some speculate that the banks who do business with credit reporting agencies may be looking for alternatives after mounting concerns about their ability to keep information private. But breaking up is hard to do.
Entrepreneur-in-Residence Center for Financial Services Innovation
A broad network of financial data, such as utility payments and direct deposits, could help those without established credit histories better obtain loans. It might also help lenders make more accurate underwriting predictions.
A former senior executive at Equifax Inc. was criminally charged for allegedly selling almost $1 million worth of shares before the company’s announcement last year that it had suffered a massive data breach.