Citing a “delayed and lackluster response” from Equifax, Sen. Elizabeth Warren, D-Mass., launched a formal investigation Friday into the Equifax breach and is requesting a probe by the Government Accountability Office as well as further answers from the two other credit bureaus, TransUnion and Experian.
Warren also wants answers from the Consumer Financial Protection Bureau on its oversight actions prior to and following the breach as well as from the Federal Trade Commission.
On Friday, Warren also introduced the Freedom From Equifax Exploitation (FREE) Act to give control over credit and personal information back to consumers, prevent credit reporting agencies from profiting off of consumers’ information during a freeze, enhance fraud alert protections, and provide the opportunity for consumers to receive an additional free credit report.
Sen. Ron Wyden, D-Ore., the top Democrat on the Senate Finance Committee, introduced similar legislation Thursday, the same day Warren reintroduced her Equal Employment for All Act to prohibit employers from requiring potential employees to disclose their credit history when applying for a job.
“Equifax has failed to provide the necessary information describing exactly how this happened, and exactly how your security systems failed,” Warren wrote in her letter to Equifax CEO Richard Smith.
Equifax’s “initial efforts to provide customers information did nothing to clarify the situation and actually appeared to be efforts to hoodwink them into waiving important legal rights.”