You should no longer be as scared as before if your Xbox 360 gifts you with an E74 error code since Microsoft has extended its warranty coverage for the aforementioned error to three years from the purchase date of the problematic console. Also, Microsoft is planning to issue refunds to all users who paid for repairs due to a E74 error. Nice of them!

“After investigating the issue, we have determined that the E74 error message can indicate the general hardware failure that is associated with three flashing red lights error on the console,” a Microsoft rep said to GamesIndustry. We know that as “RROD”. We are scared of it.

However, Microsoft says that just a “very small percentage” of Xbox 360 owners have reported the E74 error, even though the past few weeks saw an increase of reports, due to “growth in media coverage related to the error,” they say and I really doubt that’s the reason. Still… it’s a good thing that right now this E74 error is part of the extended warranty and, even more, if you had the problem and paid for it to get fixed, you’ll get your money back, which is even cooler! Check out this page for further details on refunds.