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Equifax, the credit reporting agency, announced an error that has the possibility of affecting reported credit scores from March 13, 2022 - April 2, 2022. A coding error was the cause. The coding error was corrected on April 6, 2022. While the full impact has not been reported by Equifax, the initial announcement noted that approximately 300,000 individuals’ scores fluctuated 25 points or more during this time frame. This score fluctuation has the potential to impact variables associated with loan approvals, loan rates, and loan terms.
What does this mean for you?
- If you applied for a loan with Spero Financial between March 13, 2022 - April 2, 2022 and believe your credit score may have been impacted, please contact us, as we will walk you through any potential impacts.
- If you applied for a loan at any other financial institution during this time period, please contact the financial institution to inquire about a potential impact.
- We encourage you to request a free credit report through annualcreditreport.com. The free report will help you verify the data being reported to the credit bureau is accurate.
Spero Financial is committed to keeping its members informed on potential impacts to their financial journey. We will continue to monitor updates provided by Equifax and will keep our members informed as information becomes available.
