Equifax accused of misreporting credit scores and keeping it from hundreds of thousands of consumers
A class action lawsuit claims that the credit reporting agency Equifax provided inaccurate credit scores for hundreds of thousands of consumers seeking loans between March 17 and April 6. The fallout of what Equifax described as a "coding issue" within a "legacy, on-premise server environment" included credit and housing denials that may have otherwise been approved, according to the suit filed on Wednesday on behalf of plaintiff Nydia Jenkins. The issue was first reported by The Wall Street Journal the day before the lawsuit was filed. Jenkins, a Jacksonville, Florida, resident, was pre-approved for an automotive loan in January and later denied when Equifax inaccurately reported a drop of 130 points, according to the suit. "In order to secure financing for a vehicle, Plaintiff was forced to apply for another loan from a ''buy now'' dealership and received a loan with much less favorable rates," attorneys wrote in the lawsuit. What started as an estimated monthly payment of $350 became a bi-weekly payment of $252, according to the suit.
Equifax accused of misreporting credit scores and keeping it from hundreds of thousands of consumers
A class action lawsuit claims that the credit reporting agency Equifax provided inaccurate credit scores for hundreds of thousands of consumers seeking loans between March 17 and April 6. The fallout of what Equifax described as a "coding issue" within a "legacy, on-premise server environment" included credit and housing denials that may have otherwise been approved, according to the suit filed on Wednesday on behalf of plaintiff Nydia Jenkins. The issue was first reported by The Wall Street Journal the day before the lawsuit was filed. Jenkins, a Jacksonville, Florida, resident, was pre-approved for an automotive loan in January and later denied when Equifax inaccurately reported a drop of 130 points, according to the suit. "In order to secure financing for a vehicle, Plaintiff was forced to apply for another loan from a ''buy now'' dealership and received a loan with much less favorable rates," attorneys wrote in the lawsuit. What started as an estimated monthly payment of $350 became a bi-weekly payment of $252, according to the suit.