Credit Reporting Industry Scams Detailed During Outgoing Equifax CEO Senate Testimony
Equifax is practically a money printing press, and stands to profit handsomely from its recent loss of sensitive data on almost 150 million Americans, according to the Senate Banking Committee. Questions about Equifax executives making insider trades off the recent breach were among others about the credit rating agency’s possible monetization of its system-wide failure earlier this year, lawmakers told now former-CEO Richard Smith. Both Democrats and Republicans railed at Smith at a hearing on Wednesday, likening Equifax to a bumbling protection racket. They lamented…