Former Equifax CEO testifies at Senate hearing

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Former Equifax CEO Richard Smith is scheduled to appear before The House Financial Services Committee today.

It comes after he endured a barrage of questions Wednesday from senators on Capitol Hill over the company's massive data breach.

Much of the focus was on the $7 million contract the company signed last week with the IRS to prevent fraud.

That agreement was made after the credit monitoring agency announced a security breach that may have exposed personal information of 145 million people.

Senator Ben Sasse of Nebraska says it makes no sense.

"The purpose of the contract with the IRS looks like its fraud prevention," Sasse said. "That you're trying to prevent fraudulent access so just honestly as an American, and I appreciate that you've resigned from the company, but as an American why should anybody hire Equifax for fraud protection right now after the exposure?"

"Senator, I understand your point," former Equifax CEO Richard Smith said. "Our company has been around for 118 years and for most of those 118 years we've done good things. It was a horrific breach, I apologize on behalf of the company for that breach. We'll make it right as best we can but it doesn't wipe out 118 years of good work we've done."

Senator Sasse said he plans to follow up with the IRS to ask them "Why this contract should go forward."