Newspaper article Pittsburgh Post-Gazette (Pittsburgh, PA)

Epic Equifax Fail Lower the Boom on the Credit-Reporting Agency

Newspaper article Pittsburgh Post-Gazette (Pittsburgh, PA)

Epic Equifax Fail Lower the Boom on the Credit-Reporting Agency

Article excerpt

After major breaches of consumer data at Target, Yahoo and others, it would be easy to size up the hack into Equifax as just another giant data breach. But the dust will not settle so easily in this case because the Equifax breach is much, much bigger and demands a big response from regulators and the other credit-rating agencies.

Sometime in May, hackers breached Equifax's system and stole the data of 143 million Americans. This apparently happened after the company did not apply security software updates for months. Equifax's response to the hack has been inadequate. The company did not alert consumers until July and has stumbled in several attempts to offer protection in the form of credit freezes and credit protection.

The other two major credit-rating agencies, TransUnion and Experian, must shore up their security and reassure the public that their most sensitive data is safe. …

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