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The company says its chief information officer and chief security officer are retiring.

"This simply is not a company that deserves to be trusted with Americans' personal data", said Sen.

Equifax is practically a money printing press, and stands to profit handsomely from its recent loss of sensitive data on nearly 150 million Americans, according to the Senate Banking Committee. "Your actions have exposed over half the country's adults to financial harm".

On Monday, Equifax said the personal information of almost 146 million Americans may have been stolen, an increase of more than 2 million from the company's previous estimate.

Smith said the problems started on March 8 when the Department of Homeland Security's Computer Emergency Readiness Team sent a notice to Equifax and other companies about the need to patch a vulnerability in software known as "Apache Struts". And the efforts to help consumers had a series of missteps. Elizabeth Warren (D-Mass.). The company, for example, is providing consumers free fraud alerts for one year, she said.

The partnership between the IRS and Equifax, which have both been hit by high-profile data breaches, received bipartisan flak from Senate and House members.

New rules may face opposition in Washington, where US President Donald Trump and many Republicans frequently call for less regulation.

Wednesday's hearing was the second of four hearings for Smith this week as lawmakers scrutinize the breach.

"Following an internal review and an on-site visit with Equifax, the IRS believes the service Equifax provided does not pose a risk to IRS data or systems", the statement read. "I apologize to this committee and all Americans for this breach", Smith said. "My data is the product that you sell".

"I'll take that as a no", Lujan said.

Equifax made roughly $800 million in profit past year. "This is unlike other breaches at stores such as Target and Michaels, where consumers could make a choice and change their shopping habits if they were upset with how the companies protected data".

"The vulnerability remained in an Equifax web application much longer than it should have", Smith said in remarks prepared for delivery on Tuesday.

In response to last month's IRS contract signing, Reps. According to filings with the Securities and Exchange Commission, LifeLock purchases credit monitoring services from Equifax - so more money for LifeLock means more money for Equifax.

Warren said this business mix creates a conflict of interest by making Equifax responsible for protecting consumer data while allowing it to profit from consumers' attempts to mitigate the breach. "The concept of a Social Security number in this environment being private and secure - I think it's time as a country to think beyond that", Smith said. They're men of integrity. Jon Tester (D-Mont.), but "this really stinks". The company's stock rose 2.9 percent to $110.88.

Smith retired last week.

"You're really just required to notify everybody and say, so sorry, so sad", Barton said to Smith.