Equifax issued wrong credit scores for "millions" of customers, report says
CBSN
Equifax this spring sent out incorrect credit scores for millions of customers applying for home and auto loans, the Wall Street Journal reported on Tuesday.
As one of three major credit-reporting companies in the U,S., Equifax provides financial information and scores for consumers, affecting whether people are approved for products incuding mortgages, credit cards and car loans, and what interest rate they pay. Most credit ratings range from 300 to 850, with a higher-scoring consumers getting more favorable terms.
The Journal reported that millions of Americans were affected by Equifax's error, with some scores changing by as much as 20 points in either direction — enough for some prospective borrowers to be rejected for a loan. According to the paper, a small number of people went from having no credit score to having a score in the 700s, or vice-versa. The incorrect scores were sent to Ally Financial, JPMorgan Change and Wells Fargo, among other lenders, the Journal reported, citing unnamed sources.
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