New York to Enforce New Credit Reporting Rules Following Equifax Data Breach
The state of New York will be enforcing new rules for credit reporting firms, according to a recent report. These new rules have been put into force as a result of the Equifax data breach that took place last year.
"Companies in the credit reporting business will need to comply with the state's cybersecurity standard and register annually with the New York Department of Financial Services starting this fall," according to National Mortgage News.
NYDFS Superintendent Maria Vullo cited the Equifax breach as an example of why regulation is absolutely necessary to help deter future cybersecurity breaches, according to a press release.
This leaves a direct impact on all mortgage companies in the New York area. These companies depend on credit reporting to help with the mortgage approval process.
They will likely need to be sure that the company they are receiving credit reporting information from is registered with the NYDFS in order to move forward with their client applications.
To learn more about the new regulatory rules in credit reporting for the state of New York, click on the image above.