Credit reporting

Yes, the credit bureau goofed badly on data security, and it proved to be worse at crisis management. But other companies have been just as sloppy with cyber defenses, and business and government leaders should have tackled these problems long before now.

Equifax observed an increasingly well-worn ritual of scandal-ridden firms by jettisoning CEO Richard Smith: apologize, promise to do better in the future, and sacrifice your top executive in the hopes it will ward off action by Congress and regulators.

Summit Credit Union in Madison, Wis., has filed what's believed to be the first lawsuit by a financial institution in connection with the massive data breach.

Data breaches and payment hacks require not only tech measures, but crisis management. Had Equifax gotten out in front of the story, particularly during the slow news period of August, it would have earned kudos and perhaps mitigated some of the public scrutiny.

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.