Consumers Affected by Equifax Credit Report Issue Urged to Take Action

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And here’s the catch: “If Equifax had this average score and it was 25 points lower than it should have been, the consumer may be locked into a 30-year mortgage with an interest rate higher than it should. ‘ve been,” Doss said. “To pay over that 30-year period is a lot of money,” alluding to the extra – and unnecessary – expenses from an approved consumer to a wrong and lower creditor score.

GPA last week he contacted an Equifax spokesperson for comment, but did not receive a response. In a widely circulated prepared statement, the company sought to allay consumer concerns: “We know that businesses and consumers depend on our data and Equifax takes this technology coding issue very seriously,” reads in part. the statement. “As part of our commitment to address this issue, Equifax conducted an in-depth analysis of the credit scores used by consumers applying for credit during the time of the issue. Our analysis indicates that for these consumers, there was no change in the majority of scores over the three week period of the issue. Our data shows that fewer than 300,000 consumers experienced a score change of 25 points or more. Although the score may have changed, a change in score does not necessarily mean that a consumer’s credit decision has been negatively affected. We take this very seriously, and we’re going to make sure we fix it.”

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A few paragraphs down in the statement, the rating agency makes this statement: “Again, we do not take this matter lightly. The issue has been resolved, we are working closely with lenders and accelerating the migration of this environment to the Equifax Cloud, which will provide additional controls and monitoring that will help detect and prevent issues similar to coming.

Despite these assurances, legal action against the agency has already begun following the glitch. According BNC News, a class action lawsuit has been filed in the U.S. District Court for North Georgia by Florida-based law firm Morgan and Morgan. Lawyers are seeking a jury trial for damages suffered by anyone whose score changed at the time of the system glitch, the outlet reported this week.

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