Equifax Credit Scores Glitch Still Being Analyzed
Summary
Equifax officials continue to work with clients in the mortgage industry and others to address a credit scoring error that affected some lenders and potential borrowers earlier this year. Equifax officials provided an update Thursday to National Mortgage Professional, which reported on the issue in May. “Our analysis indicates that there was no shift in the vast majority of scores during the timeframe of the coding issue,” said an Equifax official who asked not to be named. According to the industry source, Equifax acknowledged to resellers and lenders that for some transactions, certain attribute values — such as “number of inquiries within one month” or “age of oldest tradeline” — were potentially incorrect. Equifax officials did not respond to questions about notifying consumers or providing free credit reports.
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