believes many more may have been affected and says even two points can mean the difference between good and poor credit, or good and excellent credit.
"I’m a certified FICO pro, I can tell you a five point shift can be the difference in getting approved or denied. And because of your interest rates being higher, you go from one tier to the next. A 739 is not a 740. A 679 is not a 680," explained Oster.If impacted, Oster says ask your lender to let you reapply for the loan, and to waive application fees you've already paid.
And remember, the Fed has raised interest rates four times since March 16, 2022, for a total increase of 2.25%. Ask for the rate you would have qualified for when you applied. "So let's say they take another look and the good news is your Equifax score was erroneously impacted by 30 points, so we’ll get you into new financing today. But interest rates are higher than they were back in March," warned Oster.
If your lender doesn't make you whole, consumers can also join class action lawsuits being filed against Equifax.