Technology

Senate Democrats' legislative bid to reform the credit reporting industry is tempered and balanced, according to analysts, which could help it gain traction in the GOP-controlled Congress.

The bill would create a federal obligation for credit reporting agencies to offer free credit freezes and prevent them from selling consumer information while a freeze is in place.

A mishmash of lawmakers from different parties and committees are wading into the aftermath of Equifax’s megabreach, with some using it to advance their policy agendas while others are calling for possible criminal prosecution.

Lima One Capital is expanding its single-family investor financing business by acquiring the residential debt business of the marketplace lender RealtyShares.

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.

Senate Finance Committee leaders sent a letter to Equifax CEO Richard Smith scrutinizing the scope of the company's data breach and its response.

Everybody say it with me, “Customer data is a liability.” And the Equifax breach shows why.

In order to compensate victims of the breach, Equifax is offering free credit monitoring services that include a mandatory arbitration clause, a measure Democrats were highlighting to lobby support for the CFPB's rule banning such clauses.

One lawsuit has already been filed against Equifax in the wake of its massive security failure. But that’s the just beginning of the consequences for the credit bureau and the banks that use it.

It's not just Equifax that needs to worry. The incident can and should be a turning point for the financial services industry, a warning that it needs to end its reliance on static personal identifiers.