Daniel Rosen breaks down an Equifax coding error that sent wrong credit scores to lenders like JP Morgan and Wells Fargo from March 17 to April 6, 2022. Some consumers lost or gained hundreds of points. Equifax claims fewer than 300,000 people saw shifts of 25 points or more, but the real damage to consumers remains unclear.
Questions this video answers
Between March 17 and April 6, 2022.
Equifax claimed fewer than 300,000 consumers.
Ally Financial, JP Morgan, and Wells Fargo (among others).
August 23, 2022.
Chapters
Hey, credit heroes. We are going live right now. So join me on this live. This is a very important Facebook Live. I have some breaking news. Two weeks ago, the credit bureau Equifax, they admitted that a coding error caused them to send millions of inaccurate credit scores to lenders. And this error, it took place between March 17th and April 6th of this year. And what happened was, credit scores were incorrectly raised or lowered by a whole lot of points all by this error. So if you or your customers were denied loans or given very high interest rates earlier this year, the credit bureau Equifax, they may be. They may be at fault. So here's what's happening right now. The Wall Street Journal reported that incorrect credit scores were sent to Ally Financial, JP Morgan, Wells Fargo, and a whole bunch of other lenders. And during those three weeks, people went from having no credit score at all to a score in that seven hundreds, or vice versa. Some people lost their score. It was terrible. Equifax, they claim that the issue was fixed on April 6th. And they also claim that less than 300,000 consumers had a score shift of 25 points or more and that the scores have since been readjusted. And Equifax also claims that while a score may have shifted, a score shift does not necessarily mean that a consumer's credit decision was negatively impacted. But the reality is, they don't even know how it affected people yet. And lawsuits have already been filed. And the company, they're starting to feel the public's justifiable anger. And while they seem to think that 300,000 people isn't that many people, but just imagine if the entire city of Pittsburgh was affected by this error. That's what we're talking about. It's a huge, huge deal. And anyone who works in credit repair knows that these kinds of errors, they can affect consumers for months or years or decades. So on this week's podcast episode, I explain how this error happened and who was affected. I also cover the history of Equifax making similar errors, and I go over exactly what you can do about it. So tune into the full episode so that you can learn everything you need to know about this Equifax disaster. And please share this episode with anyone that you think needs to hear it, because Equifax needs to be held accountable. Now, if you're watching this in our Facebook community, my team are going to drop the link so that you can listen to this right away. And. And if you're watching me on YouTube right now, the link is going to be over there in the show description. And if you're watching me on Instagram, go and check out the link in our bio to have a listen. And if you're not already, be sure to subscribe and turn on notifications so you don't miss any of the secrets that I share each week on the Credit Repair Business Secrets podcast. Okay? And if you want me to mentor you as I hold you by the hand and help you to to launch your very own profitable credit repair business, go to creditherochallenge.com and sign up today. Because in the challenge, you'll have live training, mentorship, you'll have a whole lot of fun and you'll get certified in disputing. So what are you waiting for? If you haven't done the challenge yet, check it out. Right now that link is creditherochallenge.com okay? Have a great day. Make sure you check out this important episode and I will see you next week right here live for another podcast reveal. Okay? But in the meantime, go check out that episode because this is an important, important story. Okay? Have a good.
