Wells Fargo recently admitted to opening an additional 1.4 million fake accounts between 2009 and 2016. This brings the total to 3.5 million fraudulent accounts opened without the permission of customers. Former Wells Fargo employees have described how a “pressure-cooker” sales environment caused the scandal. These employees claim they were forced to meet impossible quotas. Many resorted to opening accounts for customers without their permission.
Customers were unaware the accounts had been opened, which meant that they were not used. As a result, these accounts may have accumulated fees.
If Wells Fargo opened an account or line of credit in your name, then it could show up on your credit reports. This is especially true if the account was closed or charged off and sent to a collection agency. It is possible that some accountholders were also reported to ChexSystems, a service used by banks to identify customers who pose a fraud risk. Customers reported to ChexSystems may be unable to open accounts at other banks or credit unions.
How to Check Your Credit Report for Free
We have published prior blogs that walk you through the steps of receiving a free copy of your credit reports. AnnualCreditReport.com allows you to pull free reports from the three credit bureaus each year.
This website may help you determine whether Wells Fargo opened a fraudulent account in your name. To pull your credit reports from annualcreditreport.com, you may need to gather your records and other personal information. The website’s application process may ask you detailed personal information to prevent identity theft. You may also be able to check for fraudulent accounts if you use online banking services with Wells Fargo. Simply input your user ID and password into the online banking website or app.
The Sader Law Firm has an extensive history of helping people in Kansas City resolve life’s most difficult financial problems. Our Kansas City bankruptcy lawyers could discuss the details of your situation to help you find possible solutions for debt relief or reduction.