Hi everyone!
Meet "H.R.2359: The FCRA (Fair Credit Reporting Act) Liability Harmonization Act"
This bill was introduced in the US House of Representatives on May 4, 2017 (while Russian hackers were first snooping around in Equifax systems) and Referred to the Subcommittee on the Constitution and Civil Justice on June 7, 2017.
It was introduced by Loudermilk (R GA-11), Royce (R CA-39), Budd (R NC-13), King (R NY-2), and Wagner (R MO-2)
The bill would limit penalties for a Credit Reporting Bureau to the lesser of 1% of a victims net worth or $500,000, and would prohibit punitive damages.
A hearing was held on the bill last Thursday, the same day that Equifax announced that pretty much every single American household had their entire identity stolen including names, address history, work history, social security numbers, drivers license numbers, email addresses, passwords, and those little question/answer thingies for when you forget your password.
As a reminder, Equifax continues to seize more and more of your personal credit data in spite of this criminal negligence of your personal data, from lenders, employers, banks and other credit bureaus and there's not a damn thing you can do to stop it.
Of course, for a hack of this magnitude to have occurred would require either multiple terabytes to be offloaded from Equifax servers in a few hours with intimate knowledge of the entire IT architecture, or, thousands of spoofed and unauthorized IP addresses roaming about Equifax systems for months as hackers explored the network and slowly moved data daily.
Both scenarios imply possible collusion with one or more employees and definite lack of proper monitoring and oversight. To overhaul problems of this magnitude would take a multi billion dollar 6-18 month upgrade, so basically nothing has been fixed as Equifax continues to glean your personal information.
