Equifax Opened Claims for Credit Error Settlement
Approximately 4 million people may be eligible for payments ranging from $95 to $280 due to past credit score miscalculations.
Updated on Sept. 30, 2026 in Credit Cards
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Equifax has launched a claims process for a $100 million settlement addressing a 2022 coding error that caused lower credit scores for millions of Americans. Impacted individuals who applied for credit between March 17 and April 6, 2022, may be eligible for cash payments.
Why it matters
The settlement compensates consumers whose credit scores were inaccurately reported by more than 20 points due to a technical error. This miscalculation potentially affected interest rates or approval status for mortgage, auto, and credit card applications submitted during the three-week error window.
The settlement fund totals $100 million for an estimated 4 million affected consumers, with individual payments projected to range between $95 and $280. These figures depend on the volume of valid claims submitted against the fixed total settlement amount.
The players
Equifax
A major consumer credit reporting agency that provides credit scores and data used by lenders to evaluate loan applications.
The details
A coding error in 2022 resulted in lowered credit scores for consumers applying for financing. Because lenders rely on these scores to determine creditworthiness and interest rates, applicants may have faced unfair rejections or higher borrowing costs during that period. Affected individuals can now file for compensation through the official settlement website or by mailing a claim form to the administrator.
Timeline
March 17 to April 6, 2022: The window when credit scores were misreported.
December 28, 2026: Deadline for submitting claim forms.
January 22, 2027: Date for the final fairness hearing.
Money Landscape
This settlement underscores the critical importance of data integrity within the credit reporting system under the Fair Credit Reporting Act. It represents a significant effort to remediate consumer harm caused by automated technical failures in the credit scoring process.
If you applied for a mortgage, auto loan, or credit card in early 2022, check if you were among the impacted population to see if you qualify for a payment. Consult with a financial professional if you believe the misreported score significantly altered your loan terms or denied you credit access.
The takeaway
This settlement serves as a reminder to periodically review your credit reports for unexplained dips in your score. If you suspect you were impacted, file your claim by the December 28, 2026 deadline to ensure you are included in the settlement distribution.
What happens next
The final fairness hearing for this settlement is scheduled for January 22, 2027.
Further reading
For more information on managing your financial profile, visit the Credit Cards section.
More information
To review eligibility requirements or submit a request, visit the Equifax settlement claim portal.
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Do you trust that credit reporting agencies adequately compensate consumers for their reporting errors?
