Equifax agrees to $100 million settlement over credit score errors: What happens next

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Equifax has agreed to a proposed $100 million class-action settlement over accusations that it miscalculated credit scores due to a coding glitch. The settlement still needs final approval from a federal judge before consumers can receive a payment.

According to court records, Equifax misreported lower credit scores for roughly 4 million consumers during a three-week period in 2022 before correcting the error. The credit reporting giant did not admit any wrongdoing as part of the preliminary settlement.

Lawyers representing those affected say the agreement is the largest settlement in history related to the Fair Credit Reporting Act.

The lawsuit claims that a coding error in Equifax's systems between March 17, 2022, and April 8, 2022, led to inaccurate credit score calculations. Some reports claim that these incorrect scores led to the denial of credit applications or higher interest rates.

The lawsuit includes about 4 million individuals who will be eligible for a cash payment. The settlement fund is non-reversionary, meaning unclaimed funds will not go back to Equifax.

Those affected class members will be able to submit a valid claim within 90 days of the court-approved notice date and will receive their share of the settlement fund after attorney fees, costs, and administrative expenses are deducted, according to the motion.

A final fairness hearing is scheduled for January 22, 2027, and more information will become available for those affected on how to file a claim.

This latest settlement comes on the heels of a separate Equifax settlement in which the company agreed to pay $2.2 million after allegedly listing a collection account more than once on some individuals' credit reports.

Equifax denied any wrongdoing but agreed to the $2.2 million settlement.

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