Did Equifax Botch Your Credit Score?
Equifax just can’t stay out of the news. On August 2, the company put out a statement saying that a coding error led to consumers getting wrong credit scores . The algorithm issue took place between March 17 through April 6, with roughly 300,000 consumers having their score boosted by 25 points–or worse–declining by 25 points. And consumers are rightly concerned. And this is coming off the heels on the 2017 data breach that affected roughly 147 million consumers. To compensate for the breach, Equifax offered credit monitoring services to victims . Were You 1 of 300,000? The most pressuring question on most consumers’ minds is figuring out if they were affected. And unfortunately the answer is not as cut and dry as one may think. “There is absolutely no way a consumer would know if their scores were higher or lower during this 3-week period because of the programming issue,” says credit expert John Ulzheimer, author of The Smart Consumer’s Guide to Good Credit. You would have to have a Good Will Hunting knowledge of scoring models and know exactly how Equifax mis-programmed your credit report, he adds.
Did Equifax Botch Your Credit Score?
Equifax just can’t stay out of the news. On August 2, the company put out a statement saying that a coding error led to consumers getting wrong credit scores . The algorithm issue took place between March 17 through April 6, with roughly 300,000 consumers having their score boosted by 25 points–or worse–declining by 25 points. And consumers are rightly concerned. And this is coming off the heels on the 2017 data breach that affected roughly 147 million consumers. To compensate for the breach, Equifax offered credit monitoring services to victims . Were You 1 of 300,000? The most pressuring question on most consumers’ minds is figuring out if they were affected. And unfortunately the answer is not as cut and dry as one may think. “There is absolutely no way a consumer would know if their scores were higher or lower during this 3-week period because of the programming issue,” says credit expert John Ulzheimer, author of The Smart Consumer’s Guide to Good Credit. You would have to have a Good Will Hunting knowledge of scoring models and know exactly how Equifax mis-programmed your credit report, he adds.