You Had One Job: Equifax Gave Inaccurate Credit Scores to Millions

Report: Equifax gave inaccurate credit scores to millions (Image: YouTube/Screenshot/NewsNation)

Equifax sent incorrect credit scores to lenders for millions of people this spring, in a digital blunder with significant real ramifications, according to CNN.

In some cases, the errors were significant enough — the difference was at least 25 points for around 300,000 customers — that only some would-be borrowers might have been improperly denied credit, according to the company in a statement.

According to the company, the issue arose due to a “coding issue” when a change was made to one of Equifax’s servers. The problem “was in place for a few weeks [and] resulted in the potential miscalculation” of credit reports.

Equifax released a statement later Tuesday, hours after the Wall Street Journal reported on the errors.

National Mortgage Professional revealed in May that Equifax was alerting lenders about the probability of inaccurate scores, and the company acknowledged the technology-based mistake in a statement to the magazine at the time.

Equifax monitors and sells the credit histories of millions of borrowers — nearly all Americans — to banks and other creditors.

Equifax, as one of just three major reporting companies, plays a disproportionately large role in the credit business: its data helps financial institutions set interest rates for borrowers or reject borrowers wanting mortgages, car loans, or credit cards.

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