Credit Companies to Protect Customer Data
Equifax, Experian and TransUnion are developing a single encryption standard to protect sensitive customer data.
Three national credit reporting companies, Equifax, Experian and TransUnion, are engaged in a joint effort to develop a single encryption standard for reporting data to the credit agencies that will protect sensitive customer data.
Each of these companies already have security in place specific to their own comanies. But this joint effort is to arrive at a single standard for encryption and reassure people that their data is secure.
Stuart Pratt, president and CEO of the Consumer Data Industry Association, said, “This cooperative effort to simplify, clarify and accelerate the use of industry-level encryption standards is progressive and necessary. These standards address the goals being advanced by the credit reporting industry of encryption use by all data furnishers and make the implementation of encryption a single straight forward choice for all, from the largest financial institutions to the smallest market lenders”.
The security of consumer credit data has been under attack for several years with attacks on Experian, ChoiePoint, LexusNexus and others.
These breaches have resulted in formulating an Act, Personal Data Privacy and Security Act of 2005, which is currently before Congress.
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