Equifax Mistake Lawsuit 2022
On August 2, 2022, Equifax released a statement admitting that between March 17 and April 6, a coding issue “impacted how some credit scores were calculated.”
The Wall Street Journal posted an article the same day reporting that millions of Americans had their scores improperly reported to lenders including JPMorgan Chase, Wells Fargo and Ally Financial.
No stranger to scandal, Equifax itself admitted that a sizeable group of consumers – estimated at “less than 300,000” – had their credit scores shift by 25 points or more.
Unfortunately, a credit score that’s decreased by 25 points is enough for the lender to take an adverse action against the borrower – specifically, by denying their application or increasing their interest rate.
Attorneys believe that Equifax broke its obligation under the Fair Credit Reporting Act to ensure it provides accurate information in its credit reports and must be held accountable through a class action lawsuit.
If you applied for a mortgage, auto loan or credit card between March 17 and April 6, 2022, you may have been affected.
