Equifax : Statement on Recent Coding Issue

Equifax identified a coding issue within a legacy, on-premise server environment in the U.S. slated to be migrated to the new Equifax Cloud™ infrastructure. This issue, which was in place over a period of a few weeks, resulted in the potential miscalculation of certain attributes used in model calculations. Credit reports were not changed as a result of this issue.

We know that businesses and consumers depend on our data and Equifax takes this technology coding issue very seriously. We can confirm that the issue has been fixed and that we've been working closely with our customers on analysis to best meet the needs of consumers. As part of this extensive analysis, we have determined that there was no shift in the vast majority of scores during the three-week timeframe of the issue. For those consumers that did experience a score shift, initial analysis indicates that only a small number of them may have received a different credit decision.

Again, we do not take this issue lightly. The issue has been fixed, we are working closely with lenders, and we are accelerating the migration of this environment to the Equifax Cloud, which will provide additional controls and monitoring that will help to detect and prevent similar issues in the future.

We remain on track in our plan to move from 50% to nearly 80% of Equifax environments in the new Equifax Cloud by the end of 2022 as we move towards becoming the only cloud native data, analytics and technology company in our space. The overall result of our transformation will be a better infrastructure with better detective and preventive controls, which will be positive for both customers and consumers.