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Equifax To Pay $725K Over Inaccurate Credit Scores That Raised Costs For NY Consumers Equifax To Pay $725K Over Inaccurate Credit Scores That Raised Costs For NY Consumers
Equifax To Pay $725K Over Inaccurate Credit Scores That Raised Costs For NY Consumers Bad math at Equifax led to bad rates for New Yorkers – now it’s paying up. The credit reporting agency agreed to a $725,000 settlement reached with the Empire State Tuesday, Jan. 15, after a coding error wrongly lowered credit scores for over 77,000 New Yorkers. An investigation found that the three-week error in March 2022 caused inaccurate credit scores to be reported to lenders and insurers. The flub resulted in higher rates on loans, insurance policies, and other financial products for many consumers, James’ office said. Equifax, one of the nation’s largest credit reporting agencies, c…

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by Michael Mashburn