Equifax will be heading to the Hill this week for back-to-back hearings on its massive security breach which has conservatively affected about half of all adult Americans.
Lawmakers are licking their chops at the prospect of grilling the embattled credit reporting agency which will then cue up a fight for tighter data security standards that some Congressmen, Senators and consumer advocates have long awaited.
Last week Equifax tried to get ahead of what may be an intense round of questioning. On Thursday the company announced a new service that will allow consumers to freeze and unfreeze their credit information at no charge for life, starting next year. It has also been considering clawbacks for some of its executives, according to the Wall Street Journal. But that may not be enough for lawmakers and consumer advocates who have asked the credit agency for more extensive remedies and protections. There have even been calls to change the entire credit reporting industry.
Will these hearings start the political inertia necessary for the government to go beyond a public shaming and enact legislation that will curtail the power of the US credit agencies?
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