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Bill proposed for Federal oversight of credit reporting companies

The recent Equifax data breach, which exposed personal data of about 143 million Americans, has spurred Congress to action.  A Representative in the House, Rep. Patrick McHenry of North Carolina, has introduced a bill which would require the big three credit reporting firms to submit to Federal cyber-security reviews by the Federal government, and also to phase out use of Social Security numbers to verify consumer’ identity.  At the same time, the Chairman of the Senate Banking Committee has contacted federal banking regulators to assess whether they should have more oversight authority over the credit reporting firms, Equifax, TransUnion, and Experian.  This FOX Business News article by Andrew Ackerman gives an update on recent Congressional action to improve consumer protection.  Click here to read more.

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