Tags: senate democrats | bill | penalize | credit report agencies | breaches | equifax

Senate Dems Propose Bill to Penalize Credit Report Agencies for Breaches

Senate Dems Propose Bill to Penalize Credit Report Agencies for Breaches
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By    |   Wednesday, 10 January 2018 12:08 PM

A bill introduced by two Democratic senators would place penalties on credit reporting agencies for breaches, Medium reported.

"We are introducing a bill today to say that when a credit reporting agency lets your data be stolen, that there are substantial automatic penalties that go into place, and there's money that automatically goes back to the people whose data has been stolen," said Sen. Elizabeth Warren, D-Mass., Wednesday on CNN's "New Day."

Warren is co-sponsor of the bill along with Sen. Mark Warner, D-Va.

Credit reporting agency Equifax announced in September that a breach exposed the data of more than 144 million customers.

"We had a hearing in banking and asked a lot of questions about it of the former CEO of Equifax, and you know what we found out? Equifax might make money off the breach," Warren said, noting credit-protection products would benefit the agency.

"Sen. Warner and I decided that this was just fundamentally wrong," she said.

Had Warren and Warner's bill been in place, Equifax would have been fined more than $1 billion, according to the Massachusetts senator.

"That would be the warning to Equifax, and to every other credit reporting agency that, if you do this, you're not going to walk away unscathed… It's about saying there are real consequences if you do not provide adequate security for this data," she said.

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A bill introduced by two Democratic senators would place penalties on credit reporting agencies for breaches, Medium reported.
senate democrats, bill, penalize, credit report agencies, breaches, equifax
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2018-08-10
Wednesday, 10 January 2018 12:08 PM
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