Man believes Equifax error may cost him hundreds a month

Updated: Aug 4, 2022 / 12:12 PM CDT

Mortgage Calculator

This calculator helps you estimate your monthly mortgage payment. It adds up the loan payment (principal + interest), property tax, and insurance. The loan payment is spread out over the years of your loan term.

Loan Amount ($):

This is the total amount you're borrowing from the bank.

Annual Interest Rate (%):

This is the yearly interest rate on your loan.

Loan Term (years):

This is how long you'll take to repay the loan.

Annual Property Tax ($):

This is the yearly tax you pay on your property.

Annual Homeowners Insurance ($):

This is the yearly cost to insure your home.

Monthly Payment Breakdown

Principal and Interest: $

Property Tax: $

Homeowners Insurance: $

Total Estimated Monthly Payment: $

COLORADO SPRINGS, Colo. (NewsNation) — A Colorado man believes the Equifax error that resulted in some inaccurate credit reporting scores may end up costing him hundreds of dollars a month.

Nikolas Schulz said his credit score mysteriously dropped by double digits while they were attempting to lock in a mortgage on a new home.

“The score came back 20 points lower than what it was originally in early March,” he said.

Schulz believes he is one of the estimated 300,000 people affected by what Equifax has called a coding issue.

He and his wife were still able to buy their first home — but at a higher interest rate than they expected: an extra $400 a month came out of their pockets.

“My wife’s a social worker,” he said. “She’s not making six figures, obviously. She’s working in the community. I’m a small business owner, so it just kind of puts us in an even tighter situation.”