Millions of inaccurate Equifax credit scores sent to lenders

A glitch caused inaccurate credit scores to be sent to lenders during a three-week period.
A glitch caused inaccurate credit scores to be sent to lenders during a three-week period.(Source: CNN/file)
Published: Aug. 3, 2022 at 12:45 PM EDT

(Gray News) - A tech issue is to blame for millions of faulty credit scores being served up to Americans looking for a loan.

Equifax admits inaccurate data was sent out during a three-week period earlier this year, between March 17 and April 6.

These false credit scores resulted in some people getting higher interest rates and others being denied.

Officials at Equifax said the coding issue that caused the problem is now resolved.

In a press release, Equifax claimed the bad information only resulted in a “small number” receiving a different credit decision.

“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,” the company said.

Equifax handles credit information for more than 200 million consumers in the U.S.

In 2017 Equifax was hacked, resulting in the leak of sensitive data for close to 150 million Americans.

Copyright 2022 Gray Media Group, Inc. CNN Newsource contributed to this report. All rights reserved.