What Equifax’s credit failures mean for consumers – Detroit News | Vette Leader

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. For 300,000 consumers, the error shifted credit scores by up to 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.

NerdWallet spoke to credit experts and consumer advocates to find out what to do after this Equifax error.

How to know if you are affected

It may not be easy to determine if you have been affected by this Equifax error. “With the naked eye, a consumer would never know they were affected, for better or for worse,” credit expert John Ulzheimer said in an email.

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