“While the score may have shifted, a score shift does not necessarily mean that a consumer’s credit decision was negatively impacted," the Equifax statement said.
Equifax said in another statement earlier this week that the problems stemmed from a coding issue that "resulted in the potential miscalculation of certain attributes used in model calculations." In that statement, the firm said less than 300,000 consumers had a score shift of 25 points or more.
“Again, we do not take this issue lightly," Equifax said.
Besides seeking an undisclosed amount of damages “to the fullest extent allowable by law," the lawsuit is asking for an audit to identify which customers' credit scores were affected; money for credit repair services; and the establishment of a fund to reimburse customers for any out-of-pocket expenses they incurred from the errors.
In 2017, hackers broke into Equifax in a breach that exposed the financial information of 147 million Americans. A federal court in 2020 approved a $380 million settlement of class actions lawsuits, with no finding or judgment of wrongdoing made. The settlement required Equifax to invest a minimum $1 billion over five years on data security.
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