There are three major credit reporting agencies that hold a credit file on you. The big three are TransUnion, Equifax, and Experian. Equifax had a “little” computer glitch that resulted in the miscalculation of credit scores for consumers. This error occurred between March 17 and April 6.
The error created a 25-point decline in consumers' credit scores. Now, if you didn’t apply for credit during that period, you don’t need to worry yourself with the details. If you did, you might want to make sure that this 25-point decline in your credit score didn’t cause you to get denied credit or cause you to get higher interest rates. For example, the difference between good rates and higher rates could be 5 points on a credit score.
How many of you aren’t sure whether or not you might have been hurt by this?
It is easy. Pull an Equifax credit report and go to the section that shows credit checks. Check and see if you had your credit checked between March 17 and April 6. It should be noted on your credit report every time a lender checked your score and the date of that check. You can then call the lender and see if you were negatively impacted.
Then call Equifax at 1-888-378-4329 and have a discussion. You might even get a notice from Equifax. My take is that they probably aren’t going to send anything out, hoping that this story just goes away.
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