FCRT : Wells Fargo Scandal May Have Hurt Consumer’s Credit Scores
In this episode of the Financial Consumer Rights Talk, host Adam Deutsch, Esq., of the law firm Denbeaux and Denbeaux, discusses how the Wells Fargo banking scandal may have impacted consumer’s credit scores.
Wells Fargo was caught once again committing systematic fraud upon its customers, every day consumers like you. This time, the fraud was uncovered by the Consumer Financial Protection Bureau providing proof that government can provide meaningful representation and protection to constituents. The facts are startling:
- Wells Fargo opened as many as 1.5 million unauthorized deposit accounts and 560,000 unauthorized credit-card accounts charging approximately $2.4 million in fees to the victims.
- Over a five year period Wells Fargo fired 5,300 employees who were known to have created accounts without client authorization.
- According to New Jersey Senator Robert Menendez, at least 2,673 New Jersey residents are victims of the scam.
Whenever this type of scandal breaks into the news there are attorneys that rush to bring a class action suit. Consumers typically have the right to opt out of class action suits, and doing so may result in the consumer’s ability to obtain more monetary relief by suing the bank as an individual. I believe this is particularly true for victims who had negative information reported on their credit reports as a result of the Wells Fargo fraud. These consumers have suffered not only the immediate out of pocket expense of paying unauthorized fees, their ability to obtain financing for the purchases of homes, cars, or higher education may have been greatly impacted.
Denbeaux & Denbeaux has a proven track record obtaining relief on behalf of individuals against financial institutions. If you believe you are a victim of Wells Fargo’s latest scheme, contact us and we will help you determine the best course of action to repair the harm done and ensure you are compensated fully.
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