New CEO: Equifax fixing errors

Equifax, still reeling from a massive hack that exposed the sensitive data of about 143 million people, said Thursday that it will begin offering a new service next year that gives consumers more control over their data.

The service, to go live by Jan. 31, will allow consumers to “lock and unlock access to their Equifax credit files,” Paulino do Rego Barros Jr., the company’s interim chief executive, said in a Wall Street Journal editorial.

The service, which will be offered free for life, will allow consumers to prevent anyone from accessing their credit file without their permission.

Barros acknowledged the company’s lackluster initial response to the hack, including an inadequate website. “We were hacked. That’s the simple fact,” he said. “But we compounded the problem with insufficient support for consumers.”

The company is working to correct mistakes, he said. Equifax is adding agents to its call centers and working on its website. The company is also giving consumers more time to sign up for TrustedID Premier, its free credit-monitoring service.

“We have to see this breach as a turning point — not just for Equifax, but for everyone interested in protecting personal data,” he said. “Consumers need the power to control access to personal data.”

Barros, who was appointed interim CEO on Tuesday, appears to be acting quickly in the face of growing public outrage over the hack.

Equifax is under investigation by the FBI and one of its chief regulators, the Consumer Financial Protection Bureau, is calling for lawmakers to give the agency more power to oversee the industry.

Next week, the firm’s former CEO and chairman, Richard Smith, is scheduled to appear before two congressional committees.