Equifax Made A Big 'My Bad'
Equifax made a big mistake in reporting credit scores for those seeking home and auto loans.
News that is entertaining to read
Subscribe for free to get more stories like this directly to your inboxYou know when you make a little mistake and say, "My bad"?
There needs to be a new phrase for the alleged mistake by Equifax. Reports say the credit-reporting firm sent out incorrect credit scores for millions of customers applying for home and auto loans.
While credit scores are ridiculous, as they don't take into account paying rent and other bills on time; however, that's a story for another time.
According to reports, some scores changed by as much as 20 points in either direction -- enough for some to get rejected for a loan. A small number of people went from not having any credit to having a score of 700, and vice-versa.
The scores were sent to Ally Financial, JPMorgan Chace, Wells Fargo, and others -- according to reports. Equifax addressed the issue and said it was a 'coding issue.'
Heh.
While this should highlight the need for a change in how we calculate individuals' responsibility (why aren't we checking the responsibility of lenders...btw?) it will likely be forgotten relatively soon.
Will this mistake cost Equifax $700 million like its 2017 data breach? Unlikely.
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