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> "In certain cases the errors were significant enough — the differential was at least 25 points for around 300,000 consumers — that some would-be borrowers may
by mikece 4y ago
> "In certain cases the errors were significant enough — the differential was at least 25 points for around 300,000 consumers — that some would-be borrowers may have been wrongfully denied credit, the company said in a statement."
And this is why there will be a class-action lawsuit. Credit reporting bureaus aren't the most popular outfits to begin with, and Equifax in particular has already leaked data on hundreds of MILLIONS of consumers. While they deserve to sued out of existence I suspect they are going to merely pay a few million dollars fine and go on with business as usual.
- bragr 4y agoPerhaps but the people most affected by this are also the least able to do anything about it because if 25 points was enough for you to be denied, you are already pretty economically marginal.
- mikece 4y agoThis is PRECISELY why Equifax needs to have the hammer dropped on them: they are screwing the people who need a break the most, and this is in situations where people cannot select a credit reporting agency. Equifax an involuntary monopoly where service providers/retailers only use Equifax (or use them and one other agency but default to the lower credit score because reselling those loans nets more of a referral fee to the dealer/retailer in question).
- feet 4y agoThe same is true about policing and ticketing/fines. I know this is a bit of a tangent, but people who are already on hard times are the ones getting policed and fined the hardest and they're the ones that fines and penalties have the biggest impact on.