Equifax gave inaccurate credit scores to millions: report | FOX 4 Kansas City WDAF-TV

ATLANTA (NewsNation) – Consumer credit reporting agency Equifax gave inaccurate scores to millions of Americans during a three-week period this year, according to the Wall Street Journal.

The Atlanta-based company — part of the “Big Three” of consumer credit reporting agencies that also includes Experian and TransUnion — allegedly provided false scores to applicants for home, auto and credit card loans, according to the report, which cited “bank executives and others.” knowing the mistake.

In a statement, Equifax blamed the incorrect score on a “coding issue” and said it had been fixed.

“Equifax identified a coding problem in a legacy, on-premise server environment in the US scheduled to be migrated to the new Equifax Cloud ™ infrastructure. This problem, which has been ongoing for several weeks, has resulted in possible calculation errors of certain attributes used in model calculations. Credit report not change as a result of this problem,” said some.

In 2017, the company announced a massive cybersecurity breach in which criminals accessed 145.5 million US consumers’ personal data, including names, Social Security numbers, dates of birth, addresses and driver’s license numbers. Nearly 210,000 customers’ credit card information was also obtained in the hack.

In 2018, the company said 2.4 million additional customers were affected – bringing the total to nearly 148 million.

Later that year, the Security and Exchange Commission accused Jun Ying, Equifax’s former CIO, of selling the company’s stock before news of the breach was made public.

Ying pleaded guilty to that convict up to four months in federal prison for insider trading and ordered to pay nearly $120,000 in restitution.

Leave a Reply

Your email address will not be published. Required fields are marked *