Fannie Mae Notifies Lenders of Equifax Coding Error
Fannie Mae announced today that we were recently informed by Equifax® Inc. of a coding issue that may have resulted in errors to consumer credit scores and credit data reported by Equifax from March 17 to April 6, 2022. We were informed that this error may have impacted approximately 12% of credit scores issued during this time period that were based on Equifax credit data. Any lender that received credit report data directly from Equifax online or via a third-party consumer reporting agency/reseller over this time period may be affected by this coding issue.
Fannie Mae's Selling Notice – Equifax Coding Error reminds lenders of their obligation under the Selling Guide to correct erroneous credit data, ensure the accuracy of the credit data submitted to Desktop Underwriter® (DU®) at the time of loan sale, and to provide any corrected information to us.
We are working to identify impacts, including those to our mortgage-backed securities disclosure, and additional guidance may be forthcoming as we obtain more information.