"The challenge that any credit bureau faces is balancing the potential for revenue with offering services and data that, while completely legal, seem to cross the line between what's right for the bottom line and what's clearly wrong for consumers," added Ulzheimer, the credit consultant. He said credit bureaus have made consumer-friendly choices, so far, such as not permanently reporting negative credit events like bankruptcies.
At Equifax, CIO Webb emphasised how solemnly the company regards its duty to follow the laws and regulations that rule how it can use information. "We have very strong governance and controls around how data gets consumed," he said. "We are trusted stewards of data and have a responsibility to protect it."
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