‘Coding issue’ to blame for Equifax errors

ORLANDO, Fla – A coding issue at Equifax is being blamed for incorrect scores, some of which were off by 25 points or more.

The scores were sent to lenders making decisions on consumers applying for everything from home to auto loans.

As of now Equifax says its working with lenders to determine the impact to customers, but there are steps you can take to see if a loan you applied for may have been impacted by the glitch.

If you took out a loan during the period in question — or if you were rejected for one — financial experts recommend you check the documents from the transaction.

Look to see if the lender provided your FICO score in the disclosure forms.but that’s just the first step.

You’ll also need to verify that it was the Equifax credit score used, and not one from Transunion or Experian.

At the moment it’s not clear if consumers will hear from their bank or other lender if they had been affected by an inaccurate score.

JP Morgan Chase says it is working with Equifax and addressing the issue on a case-by-case basis.

Credit experts say it may be difficult for consumers to have an inaccurate score corrected.

If you have any questions as to whether your score was inaccurate, you can always call your lender.

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