Equifax to Pay $100M in FCRA Class-Action Settlement Over 2022 Credit Score Error

Equifax agreed on Aug. 17 to a proposed $100 million class-action settlement over a 2022 coding error that misreported lowered credit scores for roughly 4 million Americans. Claimants have until Dec. 28 to file for payments estimated between $95 and $280. The lawsuit, filed in federal court in Atlanta in August 2022, alleges Equifax reported incorrect scores between March 17 and April 6, 2022, to lenders, insurers and other firms. In some cases, scores were lowered by more than 20 points, allegedly causing loan denials or higher interest rates for mortgage, auto loan and credit card applicants. Equifax denies the allegations and any violation of the Fair Credit Reporting Act. A final fairness hearing is scheduled for Jan. 22, 2027. The settlement is the largest in FCRA history, according to plaintiffs' co-lead attorney David Berger.