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Equifax Says Consumer Credit Scores Changed in Computer Error

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Equifax Inc. said some consumers’ credit scores were changed because of a computer error that has since been corrected.

A “coding issue” with the server led to the inaccurate scores, the consumer credit reporting company said Tuesday in a statement posted on the web. The Atlanta-based company did not say how many consumers were affected.

“There was no change in most scores during the three-week issue period,” the company said. “For consumers who experienced a score transfer, the initial analysis showed that only a small number of them received a different credit decision.”

The Wall Street Journal reported earlier that Equifax provided inaccurate credit scores to millions of U.S. consumers seeking loans, citing bank executives and people familiar with the matter that it did not have. recognize.

The incorrect scores were sent from mid-March to early April, and the disclosure of the errors began in May, the newspaper reported. The scores cover consumers who apply for auto loans, mortgages and credit cards at banks and non-bank lenders including JPMorgan Chase & Co., Wells Fargo & Co. and Ally Financial Inc., according to the report.

The company’s shares fell 2.1% to $206.31 in regular New York trading.

The issue follows a cyberattack on Equifax, which maintains US consumer credit reports and sells them to lenders, which it disclosed in September 2017. Hackers accessed data including numbers of Social Security, driver’s license numbers and addresses, it said at the time.

Photo: Smith Collection/Gado/Getty Images

Copyright 2022 Bloomberg.

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