Letter to the Hon. Richard Cordray, Consumer Financial Protection Director - Action on Equifax

Letter

Director Cordray:

As the nation grapples with the Equifax breach that exposed the private information of 143 million Americans, I respectfully request that the Bureau work with Congress to help craft new laws that may help prevent future attacks on personal data.

Consumers' Social Security numbers, tax histories, and bank accounts are the foundation of our financial and personal privacy. Time and again, Equifax has not been able to protect the integrity of this data, being hacked by what experts call a simple vulnerability in its system. I am afraid that the company is not alone in its carelessness and susceptibility to cyberattacks and that the credit reporting industry may be in need of major reforms.

Along with the recent hacks, the New York Times reported that identity thieves obtained W-2 tax and salary data from Equifax and one of its subsidiaries twice within the past year. Furthermore, the CFPB disclosed in January, Equifax and its competitor TransUnion paid some $23 million in fines and restitution for deceiving customers about the value and cost of the credit scores they sell to Americans.

I do not expect the threat of cyberattacks to go away, but we must demand that companies are working round the clock to ensure that consumer data are immune to attacks. To do anything less is unacceptable.

Please know that I support the CFPB's rule to prohibit forced arbitration clauses from blocking access to the courts and will be a vocal advocate for helping provide consumers with a long-term solution to defend against future cyberattacks on consumers' private financial data.

Sincerely,

Source