Equifax Sent Lenders Wrong Info On Millions Of Consumers, Causing Higher Rates, Denials
Equifax Sent Lenders Wrong Info On Millions Of Consumers, Causing Higher Rates, Denials Credit company Equifax provided inaccurate credit scores for millions of US consumers to banks and nonbank lenders during a three-week period between mid-March and early April, the Wall Street Journal reports, citing bank executives and other familiar with the errors. The incorrect scores - off sometimes by 20 points in either direction, affected people applying for auto loans, mortgages and credit cards to banks including JPMorgan Chase, Wells Fargo and Ally Financial. The scores were enough to alter the interest rates consumers were offered, or to cause applications to get rejected . Equifax has blamed a "technology coding issue," which they say they''ve fixed, and added that the information didn''t alter the information in consumers'' credit reports. "We have determined that there was no shift in the vast majority of scores during the three-week timeframe of the issue," said Equifax president of US Information Solutions, Sid Singh. "For those consumers that did experience a score shift, initial analysis indicates that only a small number of them may have received a different credit decision ." Equifax maintains credit reports on more than 200 million U.S. consumers and sells them to lenders.
Equifax Sent Lenders Wrong Info On Millions Of Consumers, Causing Higher Rates, Denials
Equifax Sent Lenders Wrong Info On Millions Of Consumers, Causing Higher Rates, Denials Credit company Equifax provided inaccurate credit scores for millions of US consumers to banks and nonbank lenders during a three-week period between mid-March and early April, the Wall Street Journal reports, citing bank executives and other familiar with the errors. The incorrect scores - off sometimes by 20 points in either direction, affected people applying for auto loans, mortgages and credit cards to banks including JPMorgan Chase, Wells Fargo and Ally Financial. The scores were enough to alter the interest rates consumers were offered, or to cause applications to get rejected . Equifax has blamed a "technology coding issue," which they say they''ve fixed, and added that the information didn''t alter the information in consumers'' credit reports. "We have determined that there was no shift in the vast majority of scores during the three-week timeframe of the issue," said Equifax president of US Information Solutions, Sid Singh. "For those consumers that did experience a score shift, initial analysis indicates that only a small number of them may have received a different credit decision ." Equifax maintains credit reports on more than 200 million U.S. consumers and sells them to lenders.