Equifax Investigation | False credit reporting impacted thousands
According to a recent article in the Wall Street Journal, Equifax reported incorrect credit scores to mortgage, auto, and other lenders during a three-week period early in 2022. In the most extreme cases, the scores were wrong by more than 100 points and some consumers had problems with loan applications.
Now, Peiffer Wolf is investigating claims against Equifax for false credit reporting. If you believe that your credit score was incorrectly reported, or a loan application was affected by Equifax incorrectly reporting your credit score, you should Contact Us by filling out an online form or by calling 314-833-4827 for a FREE Consultation.
Equifax False Credit Report Investigation | What happened?
“Equifax sent the erroneous scores on people applying for auto loans, mortgages and credit cards to banks and nonbank lenders big and small—including JPMorgan Chase & Co., Wells Fargo & Co. and Ally Financial Inc., the people said. The [erroneous] scores were […] enough to alter the interest rates consumers were offered or to result in their applications being rejected altogether.” (Wall Street Journal)
Additionally, Mark Begor, Equifax’s CEO, has stated publicly that the incorrect data was sent because “legacy applications that resulted in some scores going out that had incorrect data.”
This wrongful conduct comes on the heels of Equifax allowing a data breach to occur which impacted the records of 150 million people. Equifax settled the data breach matter for approximately $425 million.
If you believe that your credit score was incorrectly reported, or a loan application was affected by Equifax incorrectly reporting your credit score, you should Contact Us by filling out an online form or by calling 314-833-4827 for a FREE Consultation.
Equifax False Credit Report Investigation | What can you do?
“Some scores were wrong by enough to have impacted a bank or other lender’s decision on your application for a loan or credit.” (CNBC)
Credit score problems have far-reaching effects, and a 100-point decrease can have a negative impact on your life. According to CNBC, these are just some of the consequences of a bad credit score:
1. You’re too big of a risk for mainstream lenders
2. You pay more for your loan
3. Your insurance premiums may go up
4. You may miss out on career opportunities
5. You’ll have a harder time renting an apartment
6. You’ll have a tougher time with utilities, including the internet
7. You won’t enjoy the best rewards credit cards
8. You delay building wealth — and even retiring
Free Consultation | Equifax False Credit Report | 314-833-4827
If you believe that your credit score was incorrectly reported, or a loan application was affected by Equifax incorrectly reporting your credit score, you should Contact Us by filling out an online form or by calling 314-833-4827 for a FREE Consultation.
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