Equifax software bug messed up credit score calculations for weeks
US credit agency Equifax says errant computer code led the company to provide inaccurate credit information about US folks to financial institutions for a period of about three weeks earlier this year.
"Equifax identified a coding issue within a legacy, on-premise server environment in the US slated to be migrated to the new Equifax Cloud infrastructure," the biz said on Tuesday inThe company said the glitch occurred between March 17 and April 6, 2022, when the issue was fixed, and"resulted in the potential miscalculation of certain attributes used in model calculations."
Equifax said,"Credit reports were not changed as a result of this issue," though the Wall Street Journalthat the credit scores provided to financial firms in conjunction with consumer applications for auto loans, mortgages, and credit cards were off by 20 points or more, enough to alter lender credit decisions.
In its statement, Equifax said its analysis of the consequences of the coding issue indicates"the vast majority" of credit scores were unaffected. For those who were affected, the company said,"initial analysis indicates that only a small number of them may have received a different credit decision."
According to the corporation, fewer than 300,000 consumers saw a credit score shift of 25 points or more. The Wall Street Journal says lenders have asked Equifax for more details and may consider repricing loans or giving denied loan applicants the opportunity to reapply.asked Equifax whether it would be more specific about the nature of the"code issue" that altered people's credit scores. We've not heard back.
Belgique Dernières Nouvelles, Belgique Actualités
Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.
DWP confirms date 'most' people on Tax Credits to get £326 cost of living payOver one million Working Tax Credit and Child Tax Credit claimants will receive the first instalment of the £650 payment.
Lire la suite »
The Miscalculations and Missed Opportunities that Led Putin to War in UkraineU.S. presidents missed opportunities that shaped Putin's increasingly hostile worldview and led him to invade Ukraine, writes Philip Short
Lire la suite »
How a crypto bridge bug led to a $200m 'crowd looting'How a crypto bridge bug led to a $200m 'decentralized crowd looting'
Lire la suite »
VMware patches critical admin authentication bypass bugVMware patches critical 'make me admin' auth bypass bug, plus nine other flaws
Lire la suite »
Euro 2022: Chloe Kelly to be offered freedom of EalingThe 24-year-old Londoner scored the winning goal against Germany in Sunday's Euro 2022 final.
Lire la suite »