Equifax coding issue leads to inaccurate credit scores

The agency says the coding difficulty lasted for 3 weeks earlier this 12 months and was inside a legacy, on-premises server surroundings that was slated to be migrated to the cloud.

Whereas tens of millions of individuals had been affected, Equifax says that lower than 300,000 skilled a rating shift of 25 factors or extra and that credit score stories weren’t modified.

Says a press release: “For these customers that did expertise a rating shift, preliminary evaluation signifies that solely a small variety of them might have acquired a special credit score choice.”

Continues the corporate: “The problem has been mounted, we’re working intently with lenders, and we’re accelerating the migration of this surroundings to the Equifax Cloud, which can present extra controls and monitoring that can assist to detect and forestall related points sooner or later.”