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Millions of Americans could be owed up to $280 from a major credit bureau. Here’s who qualifies

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Millions of Americans could be owed up to $280 from a major credit bureau. Here’s who qualifies

Consumer credit reporting giant Equifax has agreed to pay $100 million to settle a class action lawsuit over claims it miscalculated millions of credit scores. 

The lawsuit, brought by Gibbs Mura and co-counsel, was originally filed in the U.S. District Court for the Northern District of Georgia in 2022. According to the suit, a coding error led to inaccurate credit report information between March 17 and April 6, 2022, impacting around 4 million Americans who applied for mortgages, auto loans, or credit cards during the aforementioned time frame.

The suit contends that the miscalculation led to consumers receiving lower credit scores on their reports. In some cases, scores dropped by up to 20 points—enough to cause lenders to reject applicants who may have otherwise qualified for the desired loan or line of credit, the suit said.

Equifax has not admitted fault in the case and has denied it violated the Fair Credit Reporting Act (FCRA). Still, the credit reporting company and the plaintiffs chose to settle the case in order “to avoid the risk, expense, and delay of further litigation, including trial and appeals,” according to the settlement website.



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