{"id":49651,"date":"2026-08-15T11:45:32","date_gmt":"2026-08-15T11:45:32","guid":{"rendered":"https:\/\/cryptomag.finance\/?p=49651"},"modified":"2026-08-15T11:45:32","modified_gmt":"2026-08-15T11:45:32","slug":"equifax-to-hand-100000000-to-settle-coding-error-allegations-that-distorted-credit-scores","status":"publish","type":"post","link":"https:\/\/cryptomag.finance\/?p=49651","title":{"rendered":"Equifax To Hand $100,000,000 To Settle Coding Error Allegations That Distorted Credit Scores"},"content":{"rendered":"

\"\"<\/p>\n

Equifax is agreeing to pay $100 million to settle claims that a coding error distorted some consumers\u2019 credit scores during loan and credit applications.<\/p>\n

The proposed settlement was filed in federal court in Atlanta and covers about 4 million consumers nationwide, reports<\/a> 95.5 WSB.<\/p>\n

The erroneous scores may have affected individuals applying for auto loans, mortgages, and credit cards, according to the lawsuit.<\/p>\n

Equifax denies violating the law and states the problem did not change information in consumer credit reports.<\/p>\n

Company analysis showed most scores stayed the same while many shifted higher.<\/p>\n

Lawyers for the class members called the deal by far the largest class-action settlement ever achieved under the Fair Credit Reporting Act.<\/p>\n

The $100 million fund will compensate eligible consumers, pay attorneys\u2019 fees, and cover administrative costs.<\/p>\n

The settlement remains subject to a federal judge\u2019s approval.<\/p>\n

An Equifax spokesperson addressed the matter.<\/p>\n

\u201cEquifax has reached a proposed settlement of a class action lawsuit related to a 2022 coding issue. Equifax denies that it violated the law. The settlement is a compromise of disputed claims. This 2022 issue was within a legacy, on-premise server environment that has since been migrated to our industry-leading Equifax Cloud\"\u2122\" infrastructure.\u201d<\/em><\/p>\n

Since 2022, Equifax has completed a multi-year, $3 billion technology transformation.<\/p>\n

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The post Equifax To Hand $100,000,000 To Settle Coding Error Allegations That Distorted Credit Scores<\/a> appeared first on The Daily Hodl<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

Equifax is agreeing to pay $100 million to settle claims that a coding error distorted some consumers\u2019 credit scores during loan and credit applications. The proposed settlement was filed in federal court in Atlanta and covers about 4 million consumers nationwide, reports 95.5 WSB. 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