Democrat Sens. Elizabeth Warren, Ron Wyden, and Independent Sen. Bernie Sanders, have warned credit reporting giant Equifax against what they describe as potential price gouging tied to new Medicaid work requirements.
The senators sent the warning via a letter, according to The Hill.
The lawmakers said that the sweeping changes to Medicaid eligibility, which require millions of recipients to verify work status or actively seek employment, could allow Equifax to further consolidate its dominance in employment and income verification services.
“Because Equifax is already dominant in this market, the law’s new red tape requirements allow the company to consolidate power even further, using extractive contracts to price-gouge states, squeeze competitors, and drive-up profits,” the senators wrote.
They pointed specifically to Equifax’s development of a platform called “TotalVerify,” marketed as a tool to help government agencies “Prepare Your Agency For H.R.1.”
Under President Donald Trump’s overhaul of Medicaid, states must now more aggressively verify employment and income as part of enforcing work requirements, a shift expected to push large numbers of Medicaid recipients into the job market while significantly expanding demand for third-party verification services.
The senators’ letter also cites New York Times reporting from November 2025, which quoted Equifax CEO Mark Begor describing the new Medicaid requirements as a “just massive” business opportunity for the company.
Warren, Wyden, and Sanders warned that states could be left dependent on Equifax’s systems of rising costs, while vulnerable Medicaid recipients face additional bureaucratic hurdles to maintaining health coverage under the new rules.
Following reports of the senators’ letter, Equifax shares were down 12% on Tuesday.
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