Credit reporting

The Equifax breach has millions of Americans now thinking about freezing their credit to guard against identity theft. But those who act could be cutting themselves off from the nation's vast credit economy.

Normally tight-lipped about security moves, bankers tell how they are re-examining their systems for Equifax-like flaws and providing new cards, fresh accounts and reassuring advice for anxious customers.

TransUnion Chief Financial Officer Todd Cello said Tuesday the firm kept call centers open through the weekend to deal with the flood of calls from anxious consumers.

Banks should not point blame at the credit bureau but rather should step up and demonstrate their commitment to their customers. If you punt the problem to Equifax, it suggests you don’t really care.

Lawmakers signaled Monday that Congress will likely have a swift and powerful response to revelations that the credit reporting company Equifax was hacked, exposing 143 million people to identity theft.

The Consumer Financial Protection Bureau ordered JPMorgan Chase to pay a $4.6 million fine for failing to provide accurate information when denying checking account applicants.

With such massive amounts of data bolstered by ubiquitous modes of distribution, the most meaningful fintech investment opportunities center around enabling a new truth equilibrium.

The Consumer Financial Protection Bureau said Experian sold consumers an "educational" credit score and falsely claimed in advertisements that the score was used by lenders to make credit decisions.

The Consumer Financial Protection Bureau is seeking feedback on the benefits and risks of using alternative data sources, such as rent or utility payments, that would allow lenders to build a credit history for unbanked consumers.