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1 1 (September 29, 2017)

handle is hein.crs/govcivq0001 and id is 1 raw text is: I Cong ressina l Resea rch Sevice The Equifax Data Breach: An Overview and Issues for Congress September 29, 2017 According to Equifax, cybercriminals exploited a vulnerability in one of its online applications between mid-May and July 2017, potentially revealing information for 143 million U.S. consumers. Equifax stated that the information accessed primarily includes names, Social Security numbers, birth date, addresses, and, in some cases, driver's license numbers. In addition, credit card numbers for approximately 209,000 U.S. consumers, and certain dispute documents with personal identifying information for approximately 182,000 U.S. consumers, were accessed. Much of the information that Equifax listed is difficult or impossible to change, potentially exposing affected individuals to significant risk of identity theft in the future. Credit Reporting Agencies Equifax is a credit reporting agency (CRA). CRAs collect information to develop credit reports about individuals. A credit report typically includes information related to a consumer's identity (such as name, address, and Social Security number), existing or recent credit transactions (including credit card accounts, mortgages, and other forms of credit), public record information (such as court judgments, tax liens, or bankruptcies), and credit inquiries made about the consumer. The three largest CRAs-Equifax, TransUnion, and Experian-are the most well-known, but they are not the only CRAs. Approximately 400 smaller CRAs either are regional or specialize in collecting specific types of information or for specific industries, such as information related to payday loans, checking accounts, or utilities. Credit reports are used in several ways. Lenders use credit reports to evaluate loan applications. Landlords may use credit information to help to decide whether to rent to a household. Some employers use credit reports to evaluate job applicants. Insurance companies use customized credit reports with claims histories to set rates. Regulation of Credit Reporting Agencies CRAs are subject to many different laws and regulations related to nearly all aspects of their business. Much of what is thought of as the business of credit reporting is regulated through the Fair Credit Reporting Act (FCRA). The FCRA requires that consumer reporting agencies adopt reasonable procedures for meeting the needs of commerce for consumer credit, personnel, insurance, and other information in a manner which is fair and equitable to the consumer, with regard to the confidentiality, accuracy, relevancy, and proper utilization of such information. The FCRA establishes consumers' rights CRS INSIGHT Prepared for Membes and Committees of Congress

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