Sun, Sep 17, 2017
Maryland Senator Chris Van Hollen is a co-sponsor of Senator Elizabeth Warren’s bill that would make it easier for Americans to freeze their credit, a tool for consumers that has gotten more notice in the wake of Equifax’s massive data breach.
The Freedom from Equifax Exploitation Act would force Equifax and the other credit reporting agencies to refund any fees they charged for credit freezes in the wake of a data breach. The bill would also prevent credit reporting agencies from profiting off of consumers' information during a credit freeze.
Credit reporting agencies would be required to provide customers with stronger fraud alert protections and an additional free credit report.
Credit unions have long advocated on Capitol Hill for consumer data security, urging Congress to establish data security standards for merchants to protect consumers and reduce criminal access to financial information. This may be an opportunity to gather support.