Equifax Admits Credit Reporting Error

By Staff Writer August 03, 2022

Equifax identified a coding issue within a legacy, on-premise server environment in the U.S. slated to be migrated to its new Equifax Cloud infrastructure.

“This issue, which was in place over a period of a few weeks between March 17 and April 6, resulted in the potential miscalculation of certain attributes used in model calculations,” stated the company in a press release. “We can confirm the issue was fixed on April 6. Credit reports were not changed as a result of this issue.

“Our data shows that less than 300,000 consumers experienced a score shift of 25 points or more. While the score may have shifted, 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.

“We know that businesses and consumers depend on our data and Equifax takes this technology coding issue very seriously. We’ve been working closely with our customers on analysis to best meet the needs of consumers. As part of this extensive analysis, we have determined that there was no shift in the vast majority of scores during the three-week timeframe of the issue.”

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Last modified on Wednesday, 10 August 2022 12:49