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.”