The big three national credit reporting companies want to reassure people that their data is secure.

To that end, Equifax, Experian and TransUnion are engaged in a joint effort to develop a single encryption standard for reporting data to the credit agencies that will protect sensitive customer data.

The joint effort approach will include a base minimum of 128-bit key encryption and utilize the Triple Data Encryption (3DES) and Advanced Encryption Standard (AES).

Equifax, Experian and TransUnion each already have security in place that meets FCC regulations; the new effort is aimed at furthering consumer data protection by giving those that report data a single standard for encryption.

"This cooperative effort to simplify, clarify and accelerate the use of industry-level encryption standards is progressive and necessary. said Stuart Pratt, president and CEO of the Consumer Data Industry Association, in a statement.

"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."

The security of consumer credit data has been under attack for several years.