Thread by @BetterMarkets

The @FSCDems hearing is under way! Follow along here, throughout the morning, to stay up to date on what the HFSC is doing to hold the credit reporting bureau accountable to protect Main Street Americans ...

.@RepMaxineWaters: "Our nation's consumer credit reporting system is broken"

.@Equifax CEO Mark Begor begins his opening statement by apologizing for the hack that took place and exposed more than 145 million Americans data.

You can read our op-ed from 2017, when the hack became public --> foxbusiness.com/politics/equif…

.@RepMaxineWaters asks Equifax CEO if a harmed American can still sign up for the protection program they offered for free right after the hack.

CEO Begor says 4 million people signed up & they CANNOT sign up for the service anymore...145+ million people had their data breached

Rep. @NydiaVelazquez: "How do each of you insure the accuracy of the reports you are producing?"

.@RepGregoryMeeks: "Who owns the data? Do you own the data or does the consumer own the data?"

@Equifax CEO Mark Begor: "There is no question it is the consumers data"

Rep. Lacy Clay: "How long does it take for a consumer to go to you and say 'this is a mistake'"

A: @Equifax CEO Mark Begor: We resolve that dispute for 25% of people within 5 days

.@repdavidscott: "What are the steps you are taking to address this issue of inaccuracy? It's devastating to people who are trying to get jobs or student loans..."

A: @Equifax CEO Mark Begor "One mistake is one too many."

.@RepHuizenga asked the three CEOs if they would support a standard protocol when/if a data breach does occur

That's what we called an #EquifaxRule and proposed almost 1.5 years ago

Read about it here --> foxbusiness.com/politics/equif…

.@RepAlGreen: "Is it true that the credit bureaus are not liable for the information they purvey?"

.@repcleaver: "Why do we need all three?"

A: Silence

.@RepPerlmutter: "Why aren't there more of you, why is there only three of you?"

Rep. @BradSherman: "145 Million records stolen. As far as I know we still don't know who hacked your system or what they used the information for."

.@RepLanceGooden: "Can you guarantee this won't happen again?"

A: @Equifax CEO Boger "I don't think anyone can guarantee it won't happen again"

This is why we called for an #EquifaxRule to be put in place to protect Main St when the next hack happens --> foxbusiness.com/politics/equif…

.@RepKatiePorter: "What kind of investment are you making within the last year, how much of your resources are you devoting to your cybersecurity?"

.@RepJoshG: 147 Million Americans were affected. The amount of time that passed between the breach and when the public found out is disgrace. How long will it take next time to notify consumers next time?

.@RepAGonzalez: "To me I think it's fairly obvious that this industry requires a lot of reform."

.@RepCindyAxne: "Are there going to be more data security breaches?"

A: @Equifax CEO Begor "This is a war"

This is why we called for the creation of an #EquifaxRule that will protect Main Street Americans when the next hack happens 👇
foxbusiness.com/politics/equif…

.@RepAdams: "Have you taken any steps to strengthen your internal protocols?"

.@RepPressley: "Considering the impact of the data breach, what was the accountability for your company? Was anyone fired from the board?"

.@RepAOC: "You stated earlier that you believe consumers own their own data. Do consumers or everyday people explicitly consent to giving their data to you?"

A: "There is not a consent"

@AOC: "So there's no way for them to prevent you from collecting it"

.@RepDean: "When we're talking about massive data breaches, which can have life long consequences for consumers, I would ask you to rethink that. Passing on a year's bonus I don't think will impress people who had their personal data stolen.

.@RepCasten: "Your customer is primarily the lenders."

.@RepMaxineWaters: "I am more troubled then ever"

NOTE: This is the end of the first panel

.@Equifax CEO is testifying in front of @FSCDems. Next to nothing has been done in the 17+ months since the #EquifaxBreach became known to the public. That's not what Americans deserve. There should be protections in place because another hack will happen.
thehill.com/opinion/cybers…