New consumer protection regulations imposed on credit reporting agencies in US

Moreover, agencies have also to comply with its cybersecurity standards. The new regulation mandates annual reporting and provides the NYDFS superintendent with the authority to deny, suspend or revoke a consumer credit reporting agency’s authorization to do business in the state, according to online publication Housing Wire.

The cybersecurity regulations go into effect on November 1, 2018. New York is the first state to implement a cybersecurity standard on businesses. According to the state, banks, insurance companies, financial services institutions and now credit reporting entities must all have a cybersecurity program designed to protect consumers’ private data in place.

If the authorities find consumer credit entities to be in violation of any insurance, financial service or banking laws, failing to comply with cybersecurity regulations, engaging in fraudulent practices or fudging details in their registrations, the NYFDS can take action against them.