In a report released this week, Sen. Elizabeth Warren (D – MA) highlighted multiple problems in how the consumer credit reporting agency Equifax handled a massive data breach in 2017 in which hackers gained access to the personal information of 143 million customers.
Warren’s report came days after a Reuters reported that the Consumer Financial Protection Bureau is backing off its investigation into the breach.
Regardless of whatever penalties Equifax will face, the personal information of millions of people was compromised and vulnerable to cybercriminals and identity thieves.
To make matters worse, credit expert Laurie Zoock of Credit Education Consultants says there’s very little to prevent the same type of breach at competing credit bureaus Experian and TransUnion.
WAYS TO PROTECT YOURSELF FROM IDENTITY THEFT:
Aside from the CFPB, multiple other federal agencies are investigating the Equifax breach including the Federal Trade Commission and multiple congressional committees. The company also acknowledged more than 240 class action lawsuits have been filed over the breach.