Migliaccio & Rathod LLP is currently investigating Equifax for a glitch in the company’s system that provided inaccurate credit scores on millions of US consumers seeking loans from various lenders between March and April of 2022. The lending trade publication National Mortgage Professional reported on the glitch in late May of 2022, writing that Equifax began providing notice of erroneous scores during the period to a number of auto, home, and credit lenders.
Some reports, including the one by National Mortgage Professional, estimate that nearly 12% of Equifax’s credit scores may have been affected in the incident, which resulted in wide variations on applicants’ reported credit scores when they applied for loans. For some applicants during this period, variations in credit scores resulted in the denial of credit that otherwise should have been routinely approved, or higher interest rates than an individual’s credit would qualify them for.
Although the scope of the incident is currently unknown, Equifax is working with regulators and the mortgage industry to determine how many consumers could have been affected, and how to best address the situation. Loan applicants affected by the incident may have noticed a fluctuation in their credit score, the denial of a home, auto, or credit loan that they were otherwise qualified for, or higher interest rates on loans than their actual credit score may have qualified them for.
Did you notice a recent change in your Equifax credit score, or were you denied for a loan that you were otherwise qualified for?
If so, we would like to hear from you. Please complete the contact form on this page, send us an email at [email protected], or give us a call at (202) 470-3520.
The lawyers at Migliaccio & Rathod LLP have years of experience in class action litigation against large corporations, including in cases involving data privacy. More information about our current cases and investigations is available on our blog.