Equifax - Falsely Reported Low Consumer Credit Scores

Equifax – Falsely Reported Low Consumer Credit Scores

What happened?

Equifax sent lenders false credit scores from mid-March 2022 through at least April 2022 and blamed the problem on a “coding issue” or a technology glitch, according to a statement from the credit reporting agency. Equifax’s actions and inactions likely directly harmed hundreds of thousands, if not millions, of consumers.

Although the statement noted that, “the issue has been fixed,” it also revealed that hundreds of thousands of consumers experienced a score shift of 25 points or more. Equifax added in the statement that “we are working closely with lenders, and we are accelerating the migration of this environment to the Equifax Cloud, which will provide additional controls and monitoring that will help to detect and prevent similar issues in the future,” but the damage may have already been done for many consumers.

Phillips Law Group filed a nationwide consumer class action lawsuit alleging Equifax failed to follow the laws and protect the privacy and accuracy of consumers’ credit scores.

If you believe you may have been impacted, please don’t hesitate to contact us. Your first consultation with our trusted attorneys is free and you will not be charged legal fees unless we recover compensation.