WASHINGTON–Sen. Elizabeth Warren (D-MA) has released the findings of a four-month investigation into events surrounding the massive 2017 data breach by Equifax.
The 15-page report found the credit reporting bureau had been operating with a flawed system to prevent and mitigate data security problems and ignored a variety of warnings that sensitive data was at risk. Once the breach was discovered, the report said Equifax then failed to notify consumers, investors and regulators about the beach in a timely fashion.
In addition, the report also found the company took advantage of "federal contracting loopholes,” further failed at protecting IRS taxpayer data, and also inadequately assisted consumers following the breach.
"For years, Equifax and other big credit reporting agencies have been able to get away with profiting off cheating people,” said Warren in a released statement accompanying the report. “Our report provides answers about what went wrong at Equifax and concludes that to hold Equifax and its peers accountable, we need real consequences for when they screw up."
As CUToday.info has reported here, Warren has released the report at the same time the CFPB has indicated it is dialing back its investigation of the Equifax data breach.
Equifax is also being investigated by the FTC and currently is a defendant in more than 240 class action lawsuits related to the breach.