Lawmakers push credit report legislation after Equifax breach

Lawmakers push credit report legislation after Equifax breach
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Lawmakers are putting forward legislation to catch and correct credit reporting errors in the wake of the massive Equifax hack in which the personal information of 143 million Americans was stolen.

Democratic Sens. Brian SchatzBrian Emanuel SchatzDem senator: 'Stop pretending' law banning separation of migrant families is hard to pass Hillicon Valley: Judge approves AT&T-Time Warner deal in blow to DOJ | Dems renew push to secure state voting systems | Seattle reverses course on tax after Amazon backlash | Trump, senators headed for cyber clash | More Tesla layoffs Dems question FCC's claim of cyberattack during net neutrality comment period MORE (Hawaii), Elizabeth WarrenElizabeth Ann WarrenWarren on family separation policy: Trump is ‘taking America to a dark and ugly place’ Overnight Defense: States pull National Guard troops over family separation policy | Senators question pick for Afghan commander | US leaves UN Human Rights Council On The Money — Sponsored by Prudential — Markets roiled by Trump's new tariff threat | Trump lashes out at Canada over trade | Warren looks to block Trump pick for consumer agency MORE (Mass.) and Claire McCaskillClaire Conner McCaskillHillicon Valley: Verizon, AT&T call off data partnerships after pressure | Tech speaks out against Trump family separation policy | T-Mobile, Sprint make case for B merger Senators introduce bipartisan bill to detect supply chain risks posing threats to national security Manchin becomes final Democrat to back bill preventing separation of immigrant families MORE (Mo.) reintroduced legislation on Monday aimed at making it easier for Americans to prevent and resolve identity theft, fraud and credit report mistakes.

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The “Stop Errors in Credit Use and Reporting (SECURE) Act” would direct the Consumer Financial Protection Bureau to establish minimum standards for credit reporting agencies.

Currently, credit reporting agencies are not required to correctly match individuals’ names, addresses or Social Security numbers. In many cases, this leads to credit card reports with inaccurate information. Under the proposed legislation, agencies would be required to resolve any errors that they find.

The SECURE Act would also make it easier for consumers to interpret their credit reports by giving them information on who sees their credit scores and explaining how banks and other institutions use their scores.

The lawmakers say the proposed legislation would also make credit reporting agencies more transparent for consumers, who often have little information on who collects their data and how it’s being used.

The legislation additionally calls for the Government Accountability Office to conduct a study on the impacts and costs of creating a national credit reporting system.

“This is one of several important steps Congress can take in the wake of the Equifax cybersecurity breach,” said Schatz. “Because these credit agencies operate in the dark, they are allowed to be terribly unfair and unaccountable.”

Schatz pressed Equifax CEO Richard Smith earlier in the day, asking that Equifax do more to help individuals affected by the breach.

In a letter to Smith, Schatz blasted Equifax for charging potentially affected customers for freezing their credit to protect them from identity theft.

Schatz also pushed Smith for more answers on what Equifax is doing to resolve the impacts of the hack and details on what pre-emptive measures it took beforehand.

Senate Commerce Committee leaders John ThuneJohn Randolph ThuneStop labeling babies as 'born addicted' — it stigmatizes them and is inaccurate Trump plan to claw back billion in spending in peril McConnell: Mueller 'ought to wrap it up' MORE (R-S.D.) and Bill NelsonClarence (Bill) William NelsonFlorida lawmakers blocked from entering facility holding migrant children Transportation Department watchdog to examine airplane cabin evacuation standards Hillicon Valley: Supreme Court takes up Apple case | Senate votes to block ZTE deal | Officials testify on Clinton probe report | Russia's threat to undersea cables | Trump tells Pentagon to create 'space force' | FCC begins T-Mobile, Sprint deal review MORE (D-Fla.) sent Equifax a letter demanding similar answers on Friday.