Equifax, one of the Big Three credit reporting agencies, announced that a computer coding error caused consumer credit scores to be miscalculated over a three-week period between March 17 and April 6. Out of 300,000 consumers, the bug shifted credit scores by 25 points. The credit score changes did not appear on the credit reports, Equifax said in a press release.
While the bug caused ratings to shift in both positive and negative directions, a 25-point drop in your credit score could do major financial damage, especially if you’re on the cusp of one of the credit ranges. For some consumers, this could mean reduced access to financial services and products such as auto and mortgage loans, as well as credit cards with good terms.