A person’s credit score matters a lot. Your score determines whether you can get a loan and what kind of interest you will pay. One of the 3 major credit score companies reported incorrect scores and it cost some people a lot of money.
NBC News reports:
A class-action lawsuit has been filed against Equifax following a report that millions of credit scores were affected by a technical glitch in the credit bureau’s reporting system.
The suit, filed in U.S. District Court in North Georgia by the Florida-based law firm Morgan and Morgan, seeks a trial by jury for damages suffered by anyone whose score changed from at least March 6 to April 6, the period when the glitch is believed to have occurred.
In a statement on its website, Equifax acknowledged that as many as 300,000 people experienced a score shift of 25 points or more, enough to swing a borrower’s credit rating from good to fair, or fair to poor.
“This lawsuit alleges that Equifax failed to live up to its responsibility as one of America’s major credit reporting agencies by providing inaccurate information on millions of Americans. We believe that many of the people impacted — some of whom may still be unaware of what happened — suffered severe financial consequences. We will hold Equifax accountable for these alleged failures and win justice for everyone impacted.”
Equifax has a huge responsibility to get it right. People work very hard to improve their credit scores and to have your score drop drastically through no fault of your own could really affect you financially. Do you think a lot of people were negatively affected by this?