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Equifax CEO Retirement Not Enough To Clean Up Credit Bureaus, Need CFPB

Statement of Consumer Program Director Ed Mierzwinski
For Immediate Release

Washington, DC - “Big deal? Equifax is just sacrificing its king after retiring a knight and a rook. That doesn't change the optics of its terrible data breach and its slow, inadequate and maddening response to its consumer-victims. This predictable and coldly calculated corporate maneuver may make shareholders happy but it doesn’t mean anything for consumers. Instead, Congress must move quickly to give consumers the right to control access to their credit reports by enacting free credit freeze legislation such as the Freedom from Equifax Exploitation Act, S 1816. Congress must also pass HR 3755, a comprehensive proposal to more broadly reform the credit bureaus, which includes improving their accuracy and dispute resolution systems. Finally, the Senate must cease its shameful effort this week to repeal the Consumer Financial Protection Bureau’s arbitration rule restoring consumer rights to go to court against corporate wrongdoers from Equifax to Wells Fargo.

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U.S. PIRG is the federation of state Public Interest Research Groups.  PIRGs are non-profit, non-partisan public interest advocacy organizations that stand up to powerful interests whenever they threaten our health and safety, our financial security, or our right to fully participate in our democratic society. On the web at www.uspirg.org. We maintain a detailed page with tips for consumers following the Equifax breach.

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