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Equifax admits it issued wrong credit scores

Equifax Inc.
Posted at 9:42 AM, Aug 03, 2022
and last updated 2022-08-04 13:11:38-04

Equifax is blaming a coding issue for issuing wrong credit scores.

According to CNN, wrong credit scores were issued to millions of consumers when Equifax was migrating its servers to a new cloud system. Equifax says the scores were off by at least 25 points for around 300,000 consumers.

"For those consumers that did experience a score shift, initial analysis indicates that only a small number of them may have received a different credit decision," Equifax said in a statement.

The credit agency says the issue occurred between March 17 and April 6.

"We can confirm that the issue has been fixed and that we’ve been working closely with our customers on analysis to best meet the needs of consumers," Equifax said.

The disclosure comes days after Equifax CEO Mark Begor was given a $25 million retention bonus package, according to CNN. The company's board reported said it believes Begor is "uniquely qualified" to lead Equifax.