Even the most august institutions will experience turbulent times. One of the trio of major credit bureaus, Experian, is in the midst of one right now.
According to MSNBC’s excellent The Red Tape Chronicles blog, an error in the credit reporting for HSBC Bank resulted in thousands of customers temporarily being reported as having credit card balances over their limits. For those affected, credit scores dropped anywhere from a point to 60 points, which is nothing to sneeze at.
One customer reports his eyebrows nearly jumping off his head:
“My CL (credit limit) is $1350 and my latest report shows the CL as $13,” wrote one consumer on MyFico.com “My utilization is very low but it still caused my score to drop 60+points because according to the report my utilization is now well over 100 percent.”
To their credit, Experian moved swiftly to correct the problem. The credit bureau said things should be getting back to normal after the glitch was resolved on their end. A lot of customers will be hoping that’s the case, especially those that this has affected significantly.
Did this affect your credit, however temporarily? Sound off!
Photo credit to kikashi at http://www.sxc.hu/browse.phtml?f=view&id=866529