Andrew Ackerman
speaker
348 appearances
7 recordings
1 series
first heard Mar 2019
last heard Aug 2022
Andrew Ackerman’s voice in public audio — every appearance, attributed to the second.
Trend
recordings per month · last 12 monthsNo recordings in the last 12 months.Older appearances are listed below; set an alert to hear about the next one.
Appearances
We've heard stories that people, because of this error, they crossed a line, a 620 credit score line, which is the threshold by which some people don't get loans.
Equifax said they had a technology coding issue.
People affected were those applying for auto loans, mortgages and credit cards during a three-week period in March and April of this year.
People who are applying for credit basically from banks and non-banks, lenders big and small.
Equifax has said that they fixed the error.
It was enough to alter the interest rate consumers were offered or to result in their applications being rejected altogether.
We've heard stories that people...
Because of this error, they crossed a line, a 620 credit score line, which is the threshold by which some people don't get loans.
We don't know the total number of people who didn't get loans or were affected to such an extent that it changed their interest rates.
But Equifax did say that the glitch didn't alter the information in consumers' credit reports.
It just affected the way their scores were calculated.
They're considering repricing loans and giving rejected applicants an opportunity to reapply.
That can get complicated because of recent interest rate increases.
But basically, consumers are going to have to contact their lenders if they haven't heard from them already.
You know, mortgage lenders sought about 2.5 million credit scores in March and April when the error occurred.
But because they typically view credit scores from each of the three credit reporting companies, the glitches effects on mortgages may have been blunted.
That's what we were told by some industry officials.
So it kind of remains to be seen.
I think that the effects are going to be definitely more pronounced in auto lending, where they only see one score.
But the problem is, if you missed out on the car you wanted in April because your score was affected by this, there's not a lot of recourse they can provide you.
Showing 1–20 of 348 · page 1 of 18
Next →