Blog Post Date: Oct 18, 2005

Announcement, Market

Equifax, Experian and TransUnion Announce Coordinated Encryption Standards
The story I promised, Equifax Experian and TransUnion working together for Hurricane Katrina victims, and NOW Hurricane Rita victims.

Equifax, Experian and TransUnion Announce Coordinated Encryption Standards: " WASHINGTON, Sept. 22 /PRNewswire-FirstCall/ -- The three national credit
reporting companies, Equifax, Experian and TransUnion, today announced a
cooperative effort to adopt coordinated encryption standards to further assure
the protection of sensitive consumer data when transmitted between data
furnishers and credit reporting companies.
Each of the three major credit reporting companies has long employed
information security tools and programs, including programs designed to meet
the Safeguards Rule of the Federal Trade Commission. Today's announcement
further advances consumer data protection by providing data furnishers with
the choice of a single standard of encryption that can be used when reporting
data to Equifax, Experian and/or TransUnion.
'This is an important step for the credit reporting industry,' said Stuart
Pratt, President and CEO of the Consumer Data Industry Association. 'This
cooperative effort to simplify, clarify and accelerate the use of industry-
level encryption standards is progressive and necessary. These standards
address the goals being advanced by the credit reporting industry of
encryption use by all data furnishers and make the implementation of
encryption a single straight-forward choice for all -- from the largest
financial institutions to the smallest market lenders.'"

Articles from October 2005
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