Sen. Elizabeth Warren, D-Mass., called for bipartisan action against Equifax during a Senate floor speech on Tuesday, criticizing the credit bureau for waiting several weeks after a massive data breach to reveal it to the public.
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.
Efforts to persuade regulators to allow Fannie Mae and Freddie Mac to use alternative credit scores would stifle competition between the credit bureaus and FICO and do little to expand access to credit, according to industry analyst Chris Whalen.
Rep. Carolyn Maloney, D-N.Y., sent a letter to the top executives at TransUnion and Experian on Wednesday asking them what steps they are taking to safeguard consumer data in light of the Equifax breach.
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.
An artificial intelligence model predicted creditworthiness more accurately than traditional models in an experiment conducted by the auto lender. The technology someday could be used to find hidden gems among loan applicants — emphasis on the someday.