Credit bureaus are responsible for telling lenders if someone is worthy of extending credit to. But lately, these companies have been the ones that need to be policed ​​and held accountable for their lack of security. There are three credit bureaus in the United States, Experian, Equifax, and TransUnion.

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Experian and Equifax have suffered massive data breaches, hurting millions across the United States. While both companies extended free credit monitoring to affected users, that’s hardly worth the problems the breaches caused.

Now, TransUnion is seeing its turn with a data breach. According to JDSupra, on November 7, 2022, TransUnion reported the data breach to the Attorney General in Massachusetts. The report stated that unauthorized access was made to the company’s over 200 million files.

Those files contained names, Social Security numbers, financial account numbers, and driver’s license numbers. TransUnion has sent out data breach letters to the affected parties and has informed the parties as to what actions they can take. Those actions include how to protect from identity theft and fraud. It is still unclear how many actual persons were affected by the breach.

The available information regarding the TransUnion breach comes from the company’s filing with the Attorney General of Massachusetts. However, the information provided on the state’s “Data Breach Notification Report” page is limited and TransUnion has yet to post a notice of the breach on its website. Thus, currently, very little is known about the breach or its causes.

JDSupra

All three major credit bureaus pass judgment on the creditworthiness of millions of Americans every day, but they cannot keep the data of those Americans secure. Perhaps it’s time to overhaul the credit system or hire better computer security personnel. If consumers are expected to be responsible with credit, these bureaus should be held to a higher standard.

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Last Updated on November 17, 2022.

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