Equifax agrees to $100 million settlement over credit score errors: What happens next – Yahoo Finance

Oops, something went wrong
Some offers on this page are from advertisers who pay us, which may affect which products we write about, but not our recommendations. See our Advertiser Disclosure.
Equifax has agreed to a proposed $100 million class-action settlement over accusations that it miscalculated credit scores due to a coding glitch. The settlement still needs final approval from a federal judge before consumers can receive a payment.
According to court records, Equifax misreported lower credit scores for roughly 4 million consumers during a three-week period in 2022 before correcting the error. The credit reporting giant did not admit any wrongdoing as part of the preliminary settlement.
Lawyers representing those affected say the agreement is the largest settlement in history related to the Fair Credit Reporting Act.  
The lawsuit claims that a coding error in Equifax’s systems between March 17, 2022, and April 8, 2022, led to inaccurate credit score calculations. Some reports claim that these incorrect scores led to the denial of credit applications or higher interest rates. 
The lawsuit includes about 4 million individuals who will be eligible for a cash payment. The settlement fund is non-reversionary, meaning unclaimed funds will not go back to Equifax.
Those affected class members will be able to submit a valid claim within 90 days of the court-approved notice date and will receive their share of the settlement fund after attorney fees, costs, and administrative expenses are deducted, according to the motion.
A final fairness hearing is scheduled for January 22, 2027, and more information will become available for those affected on how to file a claim. 
This latest settlement comes on the heels of a separate Equifax settlement in which the company agreed to pay $2.2 million after allegedly listing a collection account more than once on some individuals’ credit reports.
Equifax denied any wrongdoing but agreed to the $2.2 million settlement. 
Read more: Equifax’s $2.2 million credit reporting settlement: Who qualifies
Consumers who received a duplicate-account reporting letter from Equifax in 2022 may qualify for up to $600 from a class-action settlement.
Eligible Flagstar customers have until Aug. 11 to claim benefits from a $31.5 million settlement over two data breaches disclosed in 2021.
Another payment is on the way to Facebook users eligible for a cash settlement in a $725 million class-action lawsuit related to privacy issues.
Comcast is offering payouts as part of a $117 million settlement over a 2023 data breach. Here’s what you need to know about qualifying for a payment.
Fidelity Investments’ $2.5 million settlement for a data breach that compromised consumer information on its website is just days away from a claim deadline. 
Blue Cross Blue Shield is set to start issuing payments from a $2.67 billion class-action settlement. Who gets paid and how much?

source
This article was autogenerated from a news feed from CDO TIMES selected high quality news and research sources. There was no editorial review conducted beyond that by CDO TIMES staff. Need help with any of the topics in our articles? Schedule your free CDO TIMES Tech Navigator call today to stay ahead of the curve and gain insider advantages to propel your business!