what they re going to have to do is the lenders themselves, the banks have to go back and look at this for that time. and try their best to figure out who is impacted and how do we unwind it? does that mean we redo their credit application? exactly. why are we finding out about it just now? here s what they said for those consumers that did experience score shifted national analysis show only a small number of them have experienced a different credit decision. we are trusting electronic communication to go back and forth the banks that you always worry about people being hacked and as we were talking in the brink so few people actually check to see if their scores right or any type of negative information is correct. now everybody, do that today. trust but verify.
equifax. they had a hack a few years back where the personal information for 150 million people was compromised. this time to your point, you have inaccurate credit scores being sent to millions of consumers. a three-week period earlier this year. what the journal found out in its reporting the scores might have been off by 20 points or more in some cases in either direction and that s enough to impact maybe the interest rate you might be offered on a car loan or mortgage or whatever the case might be. in its statement they say we ve determined there was no shift in the majority of scores during the three-week time frame of the issue. for those consumers that did experience a score shift initial analysis indicates only a small number of them may have received a different credit decision. the journal says those numbers varied. there was one bank that said 18% ever its applicants had incorrect scores. big number.
of americans, and that likely resulted in consumers paying higher interest rates or being denied loans altogether. let s bring in cnn business reporter rah hell salmon. how did this happen? equifax said it was a glitch that led to a miscalculation of credit scores, not the actual reports, but credit scores. it happened over a three-week period, likely mid march to early april. millions were impacted, jake. the company is saying only 300,000 actually saw an incorrect credit score of more than 25 points. the company saying in part in a statement, we ve determined there was no shift in the vast majority of scores adding, for those consumers that did experience a score shift, initial analysis indicates only a small number of them may have received a different credit decision. look, if you are part of that small number, it doesn t feel small to you, jake. look, the company is pointing out it s a small percentage, it
applications. lauren, this is just the latest black eye for the company. it really is. equifax had a hack five years ago that exposed 150 million americans personal information and now it s in hot water once again. the company is said to have given lenders inaccurate credit scores for millions of consumers applying for loans this spring. wall street journal says sometimes off by 20 or more points in either direction, which would be enough to impact the interest rate offered on a car loan or a mortgage. equifax says this we have determined that there was no shift in the majority of scores during the three-week time frame of the issue. for those consumers that did experience a score shift, analysis only a small number of them may have received a different credit decision. freddie mac said some 12% of all credit scores released from march 17 to april 6th may have been incorrect. and the journal is reporting an