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Equifax says it issued millions of wrong credit scores



Credit reports could be considered “adult report cards.” If you apply for a loan or a credit card, the lender will pull your credit report, examine your payment history and credit score and then make a decision on your application.But Equifax — one of the three major credit reporting agencies — said it sent out inaccurate data on millions of Americans. This happened from mid-March into early April.These incorrect credit scores resulted in some people getting higher interest rates and others being denied credit entirely.Officials at Equifax say a computer coding issue that caused the problem is now resolved.Equifax handles the credit information for more than 200 million consumers in the U.S.In a statement, the credit agency said fewer than 300,000 consumers experienced a shift in their credit score of 25 points or more.It did not change the information in credit reports, just the scores.Banks and other lenders are now asking Equifax how to deal with people who were affected by the erroneous scores.To check your credit report or credit score, go to annualcreditreport.com.Watch the video above for the full story.

Credit reports could be considered “adult report cards.”

If you apply for a loan or a credit card, the lender will pull your credit report, examine your payment history and credit score and then make a decision on your application.

But Equifax — one of the three major credit reporting agencies — said it sent out inaccurate data on millions of Americans. This happened from mid-March into early April.

These incorrect credit scores resulted in some people getting higher interest rates and others being denied credit entirely.

Officials at Equifax say a computer coding issue that caused the problem is now resolved.

Equifax handles the credit information for more than 200 million consumers in the U.S.

In a statement, the credit agency said fewer than 300,000 consumers experienced a shift in their credit score of 25 points or more.

It did not change the information in credit reports, just the scores.

Banks and other lenders are now asking Equifax how to deal with people who were affected by the erroneous scores.

To check your credit report or credit score, go to annualcreditreport.com.

Watch the video above for the full story.



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