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Watch: Former Equifax CEO testifies on massive data breach

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Former Equifax CEO Richard Smith was scheduled to testify on Tuesday about the data breach during a hearing of the House Energy and Commerce Committee. It is his first of four Capitol Hill stops this week as lawmakers investigate what happened and how it might have been prevented.

In his prepared remarks, Smith admitted the company didn't act quickly to fix a software glitch that had been widely known since the government warned companies about it in March. That problem would not be fixed until July, when Equifax first became aware of the breach.

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