Wells Fargo finds fixing scandal’s damage to credit scores a tough nut to crack

Wells Fargo efforts to compensate victims of its fake accounts scandal is proving to be a difficult task, the Wall Street Journal reported Tuesday.

The San Francisco-based bank’s success in helping victims recover will go a long way in determining the fate of new CEO Tim Sloan and Wells Fargo’s success in putting the scandal behind it, the newspaper said.

The impact on victims’ credit scores is a particularly difficult issue to address since it can be hard to hypothesize what mortgages weren’t granted, jobs not offered or insurance rates raised as a result of unauthorized credit cards being granted. The effects reflect the pervasive role that credit scores play in modern life.

Some Wells customers say they only learned of the unauthorized credit cards when they began getting calls from debt collectors.


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