Millions of Americans who have fallen victim to the Equifax credit rating scandal after the company handed out false scores are now talking about how this has devastated their lives. According to a report in The Daily Mail, Equifax, one of the nation’s top credit rating companies, sends inaccurate credit scores (that were off by 25 points or more) for consumers looking to apply for auto loans and mortgages, and credit cards.
Consumers Faced Real Consequences
As a result, many people saw their credit scores get downgraded between March 17 and April 6, meaning in many cases their loan applications were rejected, and they were plagued with high-interest rates.
But the company rebuffed the credit issue and said there were no changes for the vast majority of consumers during the three-week glitch. Dozens of victims told DailyMail.com how they were forced to give up their dream homes, pay exorbitant interest rates, and were denied car and home loans during March and April this year.
Some saw their credit scores drop by 100 points. One consumer in Georgia, a rabbi, said his credit score, which was between 811 and 820, suddenly dropped to 669 in a day. Another consumer said her score plummeted from the high 700s to zero just as she was trying to close on her home in May.
Yet another consumer said Equifax’s credit glitch nearly sabotaged his chance of getting an apartment. He was only able to secure his home after paying a larger security deposit and paying up to get multiple credit scores to prove that Equifax’s number was wrong.
Potential Class Action Lawsuit
It is outrageous that Equifax has been brushing off this significant problem as a “minor” or inconsequential glitch when millions of consumers have suffered very real consequences in their lives – from not being able to close on their dream home to suffering financial setbacks in crucial moments in their lives.
In such cases, affected individuals may be able to band together bring a class action lawsuit against a corporation to hold them accountable for their negligence, and the impact that negligence had on their lives.
If you were a victim of the Equifax credit reporting scandal, please contact an experienced California class action lawyer to obtain more information about pursuing your legal rights.