Equifax issued wrong credit scores for "millions" of customers, report says
CBSN
Equifax this spring sent out incorrect credit scores for millions of customers applying for home and auto loans, the Wall Street Journal reported on Tuesday.
As one of three major credit-reporting companies in the U,S., Equifax provides financial information and scores for consumers, affecting whether people are approved for products incuding mortgages, credit cards and car loans, and what interest rate they pay. Most credit ratings range from 300 to 850, with a higher-scoring consumers getting more favorable terms.
The Journal reported that millions of Americans were affected by Equifax's error, with some scores changing by as much as 20 points in either direction — enough for some prospective borrowers to be rejected for a loan. According to the paper, a small number of people went from having no credit score to having a score in the 700s, or vice-versa. The incorrect scores were sent to Ally Financial, JPMorgan Change and Wells Fargo, among other lenders, the Journal reported, citing unnamed sources.
President Joe Biden and first lady Jill Biden were honored at a state dinner in Paris at the Presidential Elysee Palace on Saturday, hosted by French President Emmanuel Macron and first lady Brigitte Macron marking the 80th anniversary of D-Day two days prior and the strength of the countries' long alliance.
President Joe Biden said France was America's "first friend" at its founding and is one of its closest allies more than two centuries later as he was honored with a state visit Saturday by French President Emmanuel Macron aimed at showing off their partnership on global security issues and easing past trade tensions.
The Consumer Federal Protection Bureau last week launched an inquiry into what the agency is calling "junk fees in mortgage closing costs." These additional fees, involving home appraisal, title insurance and other services, have spiked in recent years and can add thousands of dollars to the final cost of buying a home.