Equifax provided inaccurate credit scores to millions of consumers looking for loans, report says

Equifax said some consumer credit scores were altered due to a computer error that was rectified.

Server “encryption issues” led to incorrect scores, the consumer credit reporting company said Tuesday in a statement. statement posted on the web. The Atlanta-based company did not say how many consumers were affected.

“There was no change in the majority of scores over the three-week timeframe of the issue,” the company said. “For consumers who have experienced a score change, initial analysis indicates that only a small number of them may have received a different credit decision.”

The Wall Street Journal previously reported that Equifax had provided incorrect credit scores to millions of US consumers seeking loans, citing bank executives and people familiar with the matter that it did not determined.

The paper reported the flaws were submitted between mid-March and early April, and the disclosure of the flaws began in May, the paper reported. Scores covering consumers who apply for auto loans, mortgages and credit cards to banks and non-bank lenders include JPMorgan Chase & Co, Wells Fargo & Co. and Ally Financial Inc., according to the report.

Shares of the company fell 2.1% to $206.31 in regular New York trading.

The problem after a Cyber ​​attack at Equifax, which keeps credit reports on US consumers and sells them to lenders, it disclosed in September 2017. Hackers accessed data including Security numbers society, driver’s license number and address, it said at the time.

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