Equifax, one of the three major credit bureaus, announced that a computer coding error resulted in the miscalculation of credit scores for consumers in a three-week period between March 17 and April 6. For 300,000 consumers, the error shifted credit scores as much as 25 points. The changes to credit scores did not show up on credit reports, Equifax said in a press release.
While the error caused scores to shift in positive and negative directions, a 25-point drop in your credit score could do some major financial damage, especially if you’re on the cusp of one of the credit bands. For some consumers, that could mean less access to financial services and products like car loans and home mortgages, as well as credit cards with good terms.
