ALBANY — Gov. Cuomo on Tuesday ordered additional state oversight of consumer credit monitoring agencies following last summer’s data breach at Equifax.
Cuomo directed the Department of State to enact new regulations that would, among other steps, require credit reporting agencies to respond within 10 days to any inquiry made by the state’s Division of Consumer Protection on behalf of consumers.
Credit reporting agencies would also be required to disclose to the state all fees associated with their identity theft protection products.
“The current status quo of allowing consumers to be penalized for having their data breached is unacceptable, and with the addition of these new protections, this administration will hold agencies accountable and help protect New Yorkers and their financial future,” Cuomo said.
Equifax revealed in September that hackers had broken into its systems between mid-May and July, accessing the personal information — including names, Social Security numbers, birth dates, addresses and, in some instances, driver’s license numbers — of as many as 143 million Americans.
The breach sparked numerous calls by state and federal lawmakers to tighten oversight of credit monitoring agencies. State Attorney General Eric Schneiderman and the state Department of Financial Services have also launched probes of the breach.