Is the Wells Fargo Controversy Damaging Your Credit Score?

Here's how to check all recent accounts opened in your name, plus your credit reports.

Wells Fargo has given its customers one more reason to take a hard look at their accounts. The bank recently disclosed that about 1.5 million deposit accounts and 565,000 credit card applications may have been opened by employees without customer permission, according to the Consumer Financial Protection Bureau. The bank is paying $185 million in fines to the CFPB, the Office of the Comptroller of the Currency and the Office of the Los Angeles City Attorney.

If Wells Fargo identified you as a victim in its review of accounts dating back to 2011, you should have already received a letter of notification and a check in the mail, or a message on your bank statement and an account credit, says Wells Fargo spokesperson Richele Messick. The bank has refunded $2.6 million so far, with an average credit of $25.

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Lisa Gerstner
Editor, Kiplinger Personal Finance magazine

Lisa has been the editor of Kiplinger Personal Finance since June 2023. Previously, she spent more than a decade reporting and writing for the magazine on a variety of topics, including credit, banking and retirement. She has shared her expertise as a guest on the Today Show, CNN, Fox, NPR, Cheddar and many other media outlets around the nation. Lisa graduated from Ball State University and received the school’s “Graduate of the Last Decade” award in 2014. A military spouse, she has moved around the U.S. and currently lives in the Philadelphia area with her husband and two sons.