Equifax is facing a class-action lawsuit due to an alleged technical issue. The issue is said to stem from their reporting system’s malfunction during a system update that allegedly affected millions of credit scores. The lawsuit claims millions of members may have had a credit score change during the period of the alleged malfunction – March 6, 2022, through April 6, 2022.
Equifax was moving to another system when the credit scores were allegedly inaccurately reported. Equifax maintains this was unintentional. According to Equifax, as many as 300,000 people may have had their credit score lowered by 25 points or more. The lead plaintiff filed the lawsuit because they had learned of their credit score shift of 130 points while trying to purchase an automobile and suffered the negative consequence of the inaccurate credit score by being forced to use a loan with less favorable terms.
This blog is intended to provide information to the general public and to practitioners about developments that may impact Oregon class actions.