08/12/2022
The credit bureau Equifax recently admitted that a "coding error" caused them to send millions of inaccurate credit scores to lenders.
Equifax
The error took place between March 17th - April 6th of this year, and scores were incorrectly raised or lowered by more than 20 points.
According to a press release from Equifax, "the issue was fixed on April 6th," "less than 300,000 consumers experienced a score shift of 25 points or more," and scores have since been readjusted. The company added, "While the score may have shifted, a score shift does not necessarily mean that a consumer's credit decision was negatively impacted."
But the reality is that they don't know how it affected people yet.
While some people saw their scores go up, those that saw a drop of 25 points or more could have received higher interest rates or been denied financial services, car loans, mortgages, credit cards, etc.
It's also unclear if Equifax plans to notify the people they know were affected.
Basically, this is a perfect example of the bureaus having WAY TOO MUCH power and influence over our lives. We didn't ask for this system. It's unfair, it was forced on us, but we still have to deal with it.
So, what does this mean for you?
If you or your customers were denied a credit card, car loan, mortgage, or another line of credit between March 17th and April 6th of this year, it might have been a result of Equifax's mistake.
If you or your customers were approved for a line of credit between March 17th and April 6th, the interest rate might have been incorrectly tabulated.
If you or your customers believe you were affected by the Equifax error in any way, you can call their customer service line at 1-888-378-4329.
If you'd like me to cover this topic on an upcoming podcast, go to our Facebook community and let me know.
I'll explain in detail how this happened and what Your Credit Girl can do about it 💙
Remember, this error affected millions so be sure to pass this information along to anyone who might need to hear it.
Keep Changing Lives,
Your Credit Girl
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