Consumer Protection Law Attorney | Consumer Attorneys PLLC
Equifax computer glitch causes credit scores fall
In the month immediately after March 6, millions of people found their credit scores drop massively, in one case as much as 130 points. Intriguingly enough, it was not through any actions of their own, but through a mere computer glitch by Equifax, which was at that point moving its infrastructure from one cloud to another.
Unfortunately, while incorrect scores were recorded in the new cloud infrastructure, these scores were also sent out to lenders, causing massive problems for the consumers who suddenly saw a drop in their credit scores.
By some estimates, over 300 thousand people saw their credit scores fall by a minimum or thirty points. This has seriously impacted people’s ability to take loans, but even more so, it has impacted their validity for loans they presently had on the table.
The legal firm Morgan and Morgan filed a class-action lawsuit seeking damages for such issues. In many cases, customers ended up paying far higher interest rates for loans because of the impacted credit scores. If you feel that you were similarly affected, you should check your credit rating in the month after March 6th. If you saw a sudden drop in your credit rating, then you could have been affected by the Equifax computer glitch.
Consumer Attorneys are looking for other claimants who have been affected by the glitch. You can fail a claim using a claim that is very easy to fill up.
Incidentally, this is not the first issue that Equifax has had, because it was hacked in 2017, with the hackers getting away with the personal details of 150 million American customers.
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Also your can read more about “How to Write a Dispute Letter to Credit Agencies”.
