Credit Scores

TransUnion acquisition in UK bolsters global footprint

CHICAGO - 

Already with a strong presence in Canada, TransUnion is continuing to broaden its global credit market footprint with another move in Europe.

Roughly six months after acquiring alternative data provider FactorTrust in the U.S., TransUnion recently announced an agreement to purchase Callcredit Information Group, the second largest and fastest growing consumer credit bureau in the U.K., headquartered in Leeds.

TransUnion agreed to acquire Callcredit for £1 billion, which is approximately $1.4 billion at today’s exchange rate.

The company said the acquisition is anticipated to close late in the second quarter or early in the third quarter pending regulatory approval.

Founded in 2000, Callcredit is a U.K.-based information solutions company that, like TransUnion, provides data, analytics and technology solutions to help businesses and consumers make informed decisions.

“TransUnion and Callcredit have strong synergies across our business models and solutions, and we share a commitment to using information to benefit consumers and global economies alike,” said Jim Peck, TransUnion’s president and chief executive officer.

“Callcredit is an outstanding acquisition for TransUnion, and together, we’ll be a powerful force to deliver value to shareholders, customers and consumers across all the markets we serve,” Peck continued.

International expansion is a key growth strategy for TransUnion, already doing business in 33 countries. The company applies its global operating model to all acquisitions, optimizing business and operational processes. TransUnion’s innovative global solutions include CreditVision and consumer empowerment application CreditView, as well as an array of data, fraud, decisioning, analytics and consumer identity solutions.

“We continue to drive growth by identifying and investing in attractive international markets. As a leader in the world’s second largest credit market, Callcredit certainly fits the model,” said David Neenan, president of TransUnion’s International business.

“And, with the growing trend of multi-bureau usage in the U.K., we believe this is the right time to introduce TransUnion into the market,” Neena continued.

With a strong record of growth and innovation in both core credit and emerging solutions, Callcredit has achieved strong market success in the U.K. The growth of financial technology (FinTech) and alternative lenders is driving demand for credit reporting services in markets worldwide, including the U.K., and Callcredit and TransUnion are both positioned well to competitively deliver on this demand.

“Investment by a global company with an established track record, shared values and leadership who recognized our market potential is absolutely the right fit for us and the market,” said Mike Gordon, Callcredit chief executive officer.

“We are excited about the future and unique opportunity to elevate our competitive advantage with TransUnion through our combined innovation and expertise,” Gordon went on to say.

SNH Capital Partners acquires ProMax

LAS VEGAS - 

Not only is the investment community finding ways to fuel auto finance companies that originate paper, they’re also navigating paths to secure firms that provide critical ancillary services that help foster the entire process.

According to news release distributed on Thursday, SNH Capital Partners announced the acquisition of ProMax, a leading SaaS provider of marketing services and credit data to automotive dealers across the United States. 

The investment firm highlighted the acquisition of ProMax extends SNH’s market presence across retail automotive solutions, including National Credit Center, an SNH Capital Partners portfolio company and a provider of data, credit, compliance and fraud solutions in the sector. 

Financial terms of the transaction were not disclosed.

While the official announcement arrived on Thursday, ProMax founder and chief executive officer John Palmer shared what was happening with his company via a post on LinkedIn.

“I want to let all my friends and associates in the auto industry know that after 23 amazing and wonderful years, I have sold ProMax,” Palmer said. “I want to thank all the fantastic people that I have had the privilege of working with these last 23 years. You are the reason we were so successful for such a long time.

“I look forward to the future, new opportunities, and challenges,” Palmer added in the social media update.

Founded in 1996, SNH is a U.S.-based, private equity investor dedicated to acquiring and transforming companies in the lower middle-market. SNH has an active strategic presence in each of its core industries, partnering with best-in-class management teams to develop growth platforms across technology and technology-enabled business services leveraging its investment and operational resources.

SNH said its portfolio companies are market-leading and rapidly growing providers of information, technology, and other business services to the automotive, financial services, human capital management and energy sectors.

And now its portfolio includes ProMax.

Based in Davenport, Iowa, ProMax offers front-end sales, development and inventory management software in the auto retail industry including lead generation, website design, desking, inventory, credit reporting, client relationship management and other compliance solutions.

“We are extremely pleased to invest in ProMax, a dynamic market leader with a 20-year history of consistent product innovation,” said Jevin Sackett, chief executive officer and managing director at SNH.

“We are excited to gain the experience and capabilities of the valuable team in Davenport, including Darian Miller, chief technology officer, and Shane Born, chief operating officer,” Sackett continued. “SNH has a significant track record of providing strategic and operational expertise to its portfolio companies. 

“We look forward to working with ProMax's management to both continue and augment its customer value proposition of excellent service and innovation over the long-term,” Sackett went on to say.

For more information, visit www.snhcapitalpartners.com.

CreditMiner’s soft pull technology part of new Dealer eProcess website product

LISLE, Ill. - 

Dealers now have another option for helping their potential customers learn about their financial capacity as their searching store inventory.

Automotive website and digital marketing company Dealer eProcess recently announced that it has signed with CreditMiner for soft pull technology, delivering a brand-new digital retailing tool, Smart Automotive Retailing Assistant (SARA).

The company highlighted this 3-in-1 product can offer a state-of-the-art retail solution for both the dealer and consumer, allowing users to complete the steps of the car-buying process online.

SARA can seamlessly integrate onto a dealer’s website and walks the consumer through the user-friendly steps of the digital retailing process.

SARA’s digital retailing incorporates soft-pulls via the eCredit App, giving dealers the ability to prescreen their customers without asking for birth date or Social Security Number. This platform can provide the dealer with the customer’s real-time credit score, along with a detailed account of their current auto financing.

In turn, this feature can instantly pre-approve qualifying customers based on captive credit tiers set by the dealer.

The Trade-In tool works by pulling the customer’s vehicle valuations from Black Book or NADA Used Car Guide, which is now J.D. Power Valuation Services. The tool then can use data from CreditMiner to perform an equity calculation, which gets added to the deal.

Dealers can customize questions about the vehicle’s condition and the customer’s driving habits, and also gives users the ability to upload photos and videos of their vehicle to get the most accurate value possible.

In addition, the customer can view OEM incentive stackable data that applies to their situation.

Dealer eProcess believes SARA ups the ante when it comes to getting a customer excited about purchasing a vehicle. Based on the user’s data collected from the eCredit App or the Trade-In tool, they can see their trade-in equity calculation, finance or lease offers, captive lender rates, tax data, dealer fees, and even select vehicle add-on’s and accessories.

With adjustable down payment fields and term lengths, the customer can go through the entire buying process in a few simple clicks, print out their offer, and walk into the showroom to seal the deal.

Dealer eProcess added this frictionless tool is accessible throughout the site and has the ability to store and move user information from one vehicle to another without the consumer having to start the process from the beginning each time.

“Digital retailing isn’t going away anytime soon. I thought it was important to bring to the automotive industry a digital retailing solution that is far more advanced than the fancy payment calculators that we have seen pushed into the market thus far,” Dealer eProcess owner Dave Page.

“With our new release of SARA (Smart Automotive Retailing Assistant), we have eased the customer’s perception of a painful in-store dealership experience and turned it into a time to celebrate the vehicle delivery,” Page continued.

“We have connected all the critical pieces of the process such as soft-pull (real-time pre-approval), trade-in evaluation with equity calculation, OEM incentives, captive lenders, taxes, accessories, extended warranties and more to make this possible. Our team is proud of the results,” Page went on to say.

For more information on SARA, visit www.dealereprocess.com/best-automotive-digital-retailing-tool

Credit report research project results in ProMax’s latest dealer tool

DAVENPORT, Iowa - 

Here’s another example of data and research leading directly to development of a solution aimed at smoothing out underwriting, which in turn helps finance companies book more paper and dealerships turn more metal.

Dealer Marketing Services, the makers of ProMax, recently released what the company dubbed Multi-Bureau Solution for its dealer customers.

ProMax explained the Multi-Bureau Solution is a multifaceted strategy for dealers that centers around pulling multiple credit reports for each customer in order to leverage the best credit score and tier into a better and more profitable deal.

The Multi-Bureau Solution comes as a result of a massive study conducted by ProMax over a six-month period in 2017. Using a sample of more than 700 franchised and independent dealerships nationwide, more than 650,000 showroom visitors with more than 1 million credit bureau reports pulled, and over 180,000 vehicle sales were analyzed.

“The analysis of this massive data set was conclusive and unmistakable,” ProMax founder and chief executive officer John Palmer said.

“Pulling multiple credit reports per customer increases both the number of sales and back-end profits,” he said. “It’s that simple. So, we designed an easy to implement solution incorporating everything the study showed us.”

Palmer explained that the study yielded two big innovations in the credit pulling process that are key to the Multi-Bureau Solution: a brand new multi-bureau credit report and major additions to ProMax’s Lender, Review, & Submit functionality.

The new bureau design improves both the look and effectiveness of traditional credit report displays, enabling dealers to compare multiple bureaus side-by-side and get all the information they need at a glance.

The updated Review & Submit screen makes it easier than ever for dealers to configure lenders for maximum effectiveness.

“The Multi-Bureau Solution doesn’t just draw on the landmark six-month study, but on ProMax’s 20-plus years of experience,” ProMax chief technology officer Darian Miller said.

“Credit and compliance have always been two of our greatest strengths. ProMax gives dealers the technology to compare and analyze credit reports and submit the best deals to lenders,” Miller continued.

ProMax pointed to studies that show up to 75 percent of vehicle buyers have credit scores that vary by more than 20 points across all three bureaus. The Multi-Bureau Solution can take advantage of this situation by always finding the best score and tier for the customer.

“Savvy F&I managers know that pulling more than one bureau can bump a prospect’s score and more importantly their tier,” ProMax chief operating officer Shane Born said.

“Even a bump of 20 points can mean the difference between closing the deal or losing the deal; 20 points could be the difference between a better deal or leaving gross profit on the table,” Born concluded. 

FactorTrust rolls out credit monitoring solution

ATLANTA - 

Your customers now have another option to watch for activity associated with their credit file.

On Tuesday, Used Car Week sponsor FactorTrust launched what’s being dubbed FactorTrust Credit Monitoring, a service that can observe activity within the FactorTrust credit file.

The company explained this new service allows for monitoring of alternative credit activity and is intended to be a valuable addition to existing consumer credit services focused on traditional credit activity.

FactorTrust insisted the new service fills a void in the market by monitoring alternative credit activity that is not represented in the traditional credit bureaus. In addition to monitoring activity for consumers with existing FactorTrust credit files, it is able to identify new consumers as they’re added to FactorTrust’s credit file. 

For both new and existing consumers, credit activity can be identified, and those consumers may be alerted to that fact to ensure it’s not due to fraudulent activity.

“The fact that an alternative finance loan resulting from fraudulent activity would not previously show up in traditional credit monitoring subscription services is deeply concerning,” FactorTrust vice president of strategic initiatives Megan Strub said.

“This new service was created to serve this need for providers, and in turn offers consumers with more complete identity protection,” Strub continued.

FactorTrust’s Credit Monitoring can keep track of the FactorTrust credit file for certain events and changes in credit data to identify potential identity theft as well as changes to an individual consumer’s credit file, which could impact their creditworthiness. 

These alerts can be generated on a daily basis (batch) or in real-time. The alert delivery service is available to the third parties so they can notify consumers enrolled in their consumer credit services.

“Our credit monitoring of consumer data resolves the issue of incomplete information from credit bureaus that only monitor traditional data,” FactorTrust chief executive officer Greg Rable said.

“The value in FactorTrust’s credit monitoring is that it expands the universe of protection to include real-time loans from alternative financial service providers, enabling a larger safety net and allowing consumers to take immediate action to resolve potential issues,” Rable went on to say.

Key House member looking for wide-sweeping credit bureau changes

WASHINGTON, D.C. - 

The Equifax data breach is continuing to impact Experian and TransUnion, too.

First, New York’s attorney general asked for formal meetings as the Empire State intensified its financial services regulations. Now this week, Chief Deputy Whip Patrick McHenry, who also is vice chairman of the House Financial Services Committee, introduced a bill to broaden federal oversight of the credit bureaus.

McHenry, a North Carolina Republican, is championing H.R. 4028, the Promoting Responsible Oversight of Transactions and Examinations of Credit Technology Act of 2017, or the PROTECT Act. 

The lawmaker explained this measure would amend the Fair Credit Reporting Act to allow national security freezes for the files and credit records of protected consumers. The act also would create a nationwide framework for credit freezes.

Additionally, McHenry’s office mentioned the measure would establish supervision and examination of large consumer reporting agencies under the Federal Financial Institutions Examination Council Act.  Furthermore, the legislation would prohibit the largest credit reporting agencies from using Americans’ Social Security Numbers as a basis for identification by 2020.

“The Equifax data breach has harmed my constituents in western North Carolina and Americans across the country,” McHenry said. “It exposed a major shortcoming in our nation’s cybersecurity laws and Congress must act. The bill I’ve introduced today takes an important first step in providing meaningful reforms to help Americans who have been impacted by this breach. It is focused on prevention, protection and prohibition.

“It prevents future harm to all Americans by requiring the largest credit reporting agencies to be subjected to the same standards and supervision as the rest of the financial industry," McHenry continued. "It protects Americans by creating a national credit freeze that actually works. Finally, it prohibits the largest credit reporting agencies from continuing to rely upon the most sensitive of Americans’ personal information: our Social Security Numbers.”

 

 

 

Equifax breach roundup: CUNA lawsuit and FTC workshop

WASHINGTON, D.C. - 

This past Friday, both the Credit Union National Association (CUNA) and the Federal Trade Commission made moves associated with the Equifax security breach.

CUNA announced that the association will file a lawsuit against Equifax to protect credit unions and their members from harm as a result of the incident that Equifax reported to have happened on July 29 and disclosed on Sept. 7.

“Equifax needs to be held accountable for this massive data breach that gave hackers access to the personally identifiable information of 143 million Americans and the credit card information of 209,000 people," said Jim Nussle, president and chief executive officer of CUNA.

“Equifax’s disregard for protecting this highly sensitive data means credit unions are left bearing the brunt for damages in replacing members’ cards payment cards, covering fraudulent purchases and taking protective measures to reduce risk of identity theft and false loans,” Nussle continued.

CUNA is holding a members-only call at 4 p.m. ET on Tuesday to discuss credit unions' legal rights, including potential participation in class action lawsuits in the wake of the Equifax breach.

Meanwhile, the FTC will host a workshop on Dec. 12 to examine questions about the injury consumers suffer when information about them is misused.

As the nation’s primary federal privacy and data security enforcement agency, FTC said they have brought more than 500 privacy and data security-related cases, which have focused on deceptive and unfair business practices that cause or are likely to cause consumer injury.

The workshop will address questions such as how to best characterize these injuries, how to accurately measure such injuries and their prevalence, and what factors businesses and consumers consider when evaluating the tradeoffs involved in collecting, using or providing information while also potentially increasing their exposure to injuries.

“Information flows of all kinds are vital to our economy, but the increased collection and use of consumers' information carries some risk for consumers when that information is misused,” acting FTC chairman Maureen Ohlhausen said. “This workshop is aimed at helping us to better identify and measure the consumer injuries that may result from the misuse of information about consumers.”

To help assist the agency’s analysis of this topic, the FTC is seeking comment on a range of issues including:

  •  What are the qualitatively different types of injuries from privacy and data security incidents?
  • What frameworks might we use to assess these different injuries? How do we quantify injuries?
  • How do businesses evaluate the benefits, costs and risks of collecting and using consumer information in light of potential injuries? How do consumers evaluate the benefits, costs, and risks of sharing information in light of potential injuries?

Individuals can find a full list of questions and information about how to submit comments in the detailed public notice about the workshop by going to this website. The deadline for submitting comments is Oct. 27.

The workshop, which is free and open to the public, will be at the Constitution Center, 400 7th St., SW, Washington, D.C. It will be webcast live on the FTC’s website.

Registration information, an agenda, directions to the Constitution Center building and a list of speakers will be available in the near future on the event webpage.

Credit Bureau Connection partners with Clarity Services to enhance consumer history analysis

CLEARWATER, Fla. - 

Credit Bureau Connection (CBC) and Clarity Services have partnered to provide dealers and finance companies what the service providers say is a first-of-its-kind, comprehensive view of a consumer’s credit history.

The companies explained exclusive subprime credit data combined with existing traditional credit bureau information are being used to enhance credit reports and compliance solutions for Credit Bureau Connection’s customers. Clarity insisted its non-traditional credit data provides a unique insight into consumer credit behavior that is not available from the traditional credit bureaus.

“Lenders and buy-here, pay-here dealers who exclusively use traditional bureau scores are missing a wealth of information that could have a huge impact on underwriting or lending decisions,” the companies said. “This partnership gives lenders greater access to information they need to mitigate their risks and better understand their applicants.”

By incorporating Clarity’s data, dealers will be able to more accurately price and structure deals with profitable contract terms while managing default risk.

“I’m excited about our partnership with Clarity Services,” said Mike Green, president and chief executive officer of CBC. “This partnership goes beyond just providing credit reports. It will provide additional insight into a consumer’s file that will change the industry as we know it.

“The industry needs this now more than it ever has,” Green continued. “The additional benefit of non-traditional credit data bundled with CBC’s robust credit report and compliance suite, will elevate subprime dealers to new heights.”

With an increasing number of consumers having subprime credit scores, CBC and Clarity sense that more finance companies and partners within the credit industry are accepting the necessity of more comprehensive information to determine an applicant’s intent to pay.

For California-based CBC and its partners, Clarity’s data provides a new level of confidence in financing.

“We are excited about the partnership with Credit Bureau Connection, an industry leader in credit reports and compliance solutions,” said David Elmore, vice president of auto finance and strategic accounts at Clarity Services.

“The partnership between Clarity Services and CBC provides a unique opportunity to improve underwriting and lending efficiency for thousands of subprime auto dealers,” Elmore continued. “Leveraging Clarity data will provide CBC’s customers with the most comprehensive and robust view of the subprime consumer in the industry.”

New York governor and AG take aggressive actions over Equifax breach

NEW YORK - 

Two of the highest ranking officials in New York are using the Equifax security breach to intensify actions within the Empire State, bringing Experian and TransUnion into the matter, too.

On Tuesday, Gov. Andrew Cuomo directed the New York Department of Financial Services to issue new regulation making credit reporting agencies register with New York for the first time and comply with what the state has called a first-in-the-nation cybersecurity standard.

Then on Wednesday, New York Attorney General Eric Schneiderman announced that his office has sent formal inquiries regarding data security to Experian and TransUnion following the Equifax data breach that potentially exposed the personal information of 143 million consumers.

“A person’s credit history affects virtually every part of their lives, and we will not sit idle by while New Yorkers remain unprotected from cyberattacks due to lax security,” Cuomo said.

“The Equifax breach has left millions of New Yorkers vulnerable to identity theft and major financial issues,” Schneiderman said. “Credit reporting agencies have a fundamental responsibility to protect the personal information they’re entrusted with.

“As we continue our investigation into the Equifax breach, it’s vital to ensure that consumer data at the other major credit reporting agencies is safe,” Schneiderman added.

Under the proposed regulation, all consumer credit reporting agencies that operate in New York must register annually with DFS beginning on or before Feb. 1 and by Feb. 1 of each successive year for the calendar year thereafter. The registration form must include an agency’s officers or directors who will be responsible for compliance with the financial services, banking, and insurance laws and regulations.

The annual reporting obligation contained within the proposal also provides the DFS Superintendent with the authority to deny and potentially revoke a consumer credit reporting agency's authorization to do business with New York’s regulated financial institutions and consumers if the agency is found to be out of compliance with certain prohibited practices, including engaging in unfair, deceptive or predatory practices.

“The data breach at Equifax demonstrates the necessity of strong state regulation like New York’s first-in-the-nation cybersecurity actions,” Department of Financial Services superintendent Maria Vullo said. “This is one necessary action of several that DFS will take to protect New York's markets, consumers and sensitive information from criminals.”

The DFS Superintendent may refuse to renew a consumer credit reporting agency's registration if the superintendent finds that the applicant or any member, principal, officer or director of the applicant, is not trustworthy and competent to act as or in connection with a consumer credit reporting agency, or that the agency has given cause for revocation or suspension of such registration, or has failed to comply with any minimum standard.

The proposed regulation also subjects consumer reporting agencies to examinations by DFS as often as the superintendent determines is necessary, and prohibits agencies from the following:

—Directly or indirectly employing any scheme, device or artifice to defraud or mislead a consumer.

—Engaging in any unfair, deceptive or predatory act or practice toward any consumer or misrepresent or omit any material information in connection with the assembly, evaluation, or maintenance of a credit report for a consumer located in New York State.

—Engaging in any unfair, deceptive, or abusive act or practice in violation of section 1036 of the Dodd-Frank Wall Street Reform and Consumer Protection Act.

—Including inaccurate information in any consumer report relating to a consumer located in New York State.

—Refusing to communicate with an authorized representative of a consumer located in New York State who provides a written authorization signed by the consumer, provided that the consumer credit reporting agency may adopt procedures reasonably related to verifying that the representative is in fact authorized to act on behalf of the consumer.

—Making any false statement or make any omission of a material fact in connection with any information or reports filed with a governmental agency or in connection with any investigation conducted by the superintendent or another governmental agency.

In addition, every credit reporting agency must comply with the department’s cybersecurity regulation, on phased in schedule of compliance, starting April 4.

DFS’ cybersecurity regulation requires banks, insurance companies and other financial services institutions regulated by DFS to have a cybersecurity program designed to protect consumers' private data; a written policy or policies that are approved by the board or a senior officer; a chief information security officer to help protect data and systems; and controls and plans in place to help ensure the safety and soundness of New York's financial services industry.

“Oversight of credit reporting agencies will help ensure that personal information is less vulnerable to cyberattacks and other nefarious acts in this rapidly changing digital world,” Cuomo said. “The Equifax breach was a wakeup call and with this action New York is raising the bar for consumer protections that we hope will be replicated across the nation.”

And Schneiderman wants to know what Experian and TransUnion are doing, as well.

In letters sent to the CEOs of the two companies, the attorney general’s office asks them to detail:

—The security measures that were in place before they learned of the Equifax breach

—Steps the companies have taken since learning of the breach to ensure that they haven’t already suffered similar intrusions and won’t experience breaches moving forward

—How they will further assist consumers in protecting their personal information

Schneiderman is seeking the answers to these questions by Sept. 21 and a meeting with top executives at Experian and TransUnion by Sept. 28.

Early fallout of Equifax breach that might impact 143 million consumers

CARY, N.C. - 

From lawmakers to law firms, Equifax now is in the middle of a financial hurricane as the credit bureau announced late on Thursday that a cybersecurity incident potentially impacted approximately 143 million U.S. consumers.

In its announcement, Equifax said criminals exploited a U.S. website application vulnerability to gain access to certain files. Based on the company’s investigation, the unauthorized access occurred from mid-May through July. 

The company added that has found no evidence of unauthorized activity on Equifax's core consumer or commercial credit reporting databases.

Equifax said the information accessed primarily includes names, Social Security numbers, birth dates, addresses and, in some instances, 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, according to the company’s announcement.

As part of its investigation of this application vulnerability, Equifax also identified unauthorized access to limited personal information for certain U.K. and Canadian residents. Equifax said it will work with U.K. and Canadian regulators to determine the appropriate next steps. 

The company also noted has found no evidence that personal information of consumers in any other country has been impacted. 

Equifax indicated that it discovered the unauthorized access on July 29 of and acted “immediately to stop the intrusion.” The company said it promptly engaged a leading, independent cybersecurity firm that has been conducting a comprehensive forensic review to determine the scope of the intrusion, including the specific data impacted.

Equifax also reported the criminal access to law enforcement and continues to work with authorities.  While the company’s investigation is substantially complete, it remains ongoing and is expected to be completed in the coming weeks.   

"This is clearly a disappointing event for our company, and one that strikes at the heart of who we are and what we do. I apologize to consumers and our business customers for the concern and frustration this causes,” Equifax chairman and chief executive officer Richard Smith said.

“We pride ourselves on being a leader in managing and protecting data, and we are conducting a thorough review of our overall security operations,” Smith continued. “We also are focused on consumer protection and have developed a comprehensive portfolio of services to support all U.S. consumers, regardless of whether they were impacted by this incident.”

By lunchtime on Friday, more than a half dozen shareholder rights law firms push out announcements regarding their own investigations. Attorney John Yanchunis of ClassAction.com and Morgan & Morgan already had filed a class action lawsuit against Equifax in the Northern District of Georgia.

Part of what is intensifying plaintiff attorneys’ efforts is what San Diego-based firm Johnson Fistel highlighted. It’s what a pair of high-level Equifax executives did, according to regulatory filings.

“(These filings) show on Aug. 3, just days after the July 29 breach discovery, chief financial officer John Gamble sold shares worth $946,374 and Joseph Loughran, president of U.S. information solutions, exercised options to dispose of stock worth $584,099,” Johnson Fistel said in a news release.

On Capitol Hill, members of Congress want more answers, too. And not just from Equifax. Rep. Ted Lieu, a California Democrat, is seeking a U.S. House Judiciary Committee hearing.

“In light of recent events, I request the committee call upon representatives from the Big 3 credit reporting agencies — Experian, TransUnion and Equifax — to testify not only on the breach that occurred in May 2017, but also to identify how each company is taking proactive, defensive steps to prevent such breaches in the future,” Lieu said.

“Congress has a strong role to play in preventing such attacks on our financial and IT infrastructure, and must hold those entrusted with our most sensitive data to account,” he added.

Equifax went on to say that it has engaged a leading, independent cybersecurity firm to conduct an assessment and provide recommendations on steps that can be taken to help prevent this type of incident from happening again.

“I’ve told our entire team that our goal can’t be simply to fix the problem and move on. Confronting cybersecurity risks is a daily fight. While we’ve made significant investments in data security, we recognize we must do more. And we will," Smith said.

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