Equifax Inc. sent some consumers into a tailspin, providing inaccurate credit score numbers for millions in the United States seeking loans during a three-week period earlier this year.
From mid-March through early April, the credit reporting agency sent out incorrect credit scores for people applying for mortgages, auto loans, and credit cards to banks and nonbank lenders, including JPMorgan Chase & Co. and Wells Fargo, sometimes off by 20 points or more. The errant scores may have affected offered interest rates or resulted in applications being denied.
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The agency began informing lenders of the error in May, as reported by the Wall Street Journal.
The company confirmed the error has been fixed, saying it was “working closely” with customers on its analysis. Less than 300,000 consumers saw a score shift of 25 points or more, the company said.
“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 said in a statement Tuesday. “A score shift does not necessarily mean that a consumer’s credit decision was negatively impacted. We are collaborating with our customers to determine the actual impact to consumers.”
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Equifax provides credit reports for more than 200 million U.S. consumers and lenders.
