Equifax apol­o­gizes as US watchdog calls for more over­sight

Arab Times - - INTERNATIONAL -

Equifax Inc promised to make it eas­ier for con­sumers to con­trol ac­cess to their credit records in the wake of the com­pany’s mas­sive breach af­ter the top US con­sumer fi­nan­cial watchdog called on the in­dus­try to in­tro­duce such a sys­tem.

Equifax’s in­terim chief ex­ec­u­tive of­fi­cer, Paulino do Rego Bar­ros Jr, vowed to in­tro­duce a free ser­vice by Jan 31 that will let con­sumers con­trol ac­cess to their own credit records.

Bar­ros, who was named in­terim CEO on Tues­day as Richard Smith stepped down from the post amid mount­ing crit­i­cism over the han­dling of the cy­ber at­tack, also apol­o­gized for pro­vid­ing in­ad­e­quate sup­port to con­sumers seek­ing in­for­ma­tion af­ter the breach was dis­closed on Sept 7. He promised to add call-cen­ter rep­re­sen­ta­tives and bol­ster a breach-re­sponse web­site.

“I have heard the frus­tra­tion and fear. I know we have to do a bet­ter job of help­ing you,” Bar­ros said in a state­ment pub­lished in The Wall Street Jour­nal.

Equifax an­nounced the free credit freeze ser­vice af­ter the Con­sumer Fi­nan­cial Pro­tec­tion Bureau’s (CFPB) di­rec­tor, Richard Cor­dray, told CNBC ear­lier in the day that the agency would beef up over­sight of Equifax and its ri­vals.

“The old days of just do­ing what they want and be­ing sub­ject to law­suits now and then are over,” Cor­dray said.

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