$56.85M Wells Fargo CARES Act class action settlement

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Max Payout

TBD

Filing Deadline

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Proof Required?

Wells Fargo has agreed to pay $56.85 million to settle a class action lawsuit over how it reported CARES Act forbearances to credit bureaus. The lawsuit claimed that Wells Fargo violated the Fair Credit Reporting Act by inaccurately reporting customer forbearances that were granted under the CARES Act during the COVID-19 pandemic. If you had a Wells Fargo mortgage or loan and received a CARES Act forbearance that was incorrectly reported on your credit report, you may be entitled to compensation from this settlement. The inaccurate reporting could have negatively impacted credit scores and financial opportunities for affected customers.

Who Is Eligible?

You may be eligible to file a claim if you:

Had a Wells Fargo mortgage or loan that received a CARES Act forbearance
Had the forbearance inaccurately reported to credit bureaus
Experienced negative credit reporting as a result of Wells Fargo's reporting practices
Details about specific time periods and additional eligibility requirements are pending

How Much Can You Get?

The total settlement fund is $56.85 million, which will be distributed among eligible class members. The exact amount each person can receive will depend on the number of valid claims filed and the specific impact of the inaccurate credit reporting on each individual case. Payment details and individual settlement amounts are still being finalized.

How to File Your Claim

Filing your claim is quick and easy:

Gather documentation related to your Wells Fargo loan and any CARES Act forbearance you received
Collect any credit reports or documentation showing negative impacts from the inaccurate reporting
Wait for the official claim form to become available
Download the Class Action Buddy app to get notified when the claim period opens and file your claim easily

Frequently Asked Questions

What is the Wells Fargo CARES Act settlement about?

Wells Fargo agreed to pay $56.85 million to settle claims that it violated the Fair Credit Reporting Act by inaccurately reporting CARES Act forbearances to credit bureaus, potentially damaging customers' credit scores.

How much money can I get from the Wells Fargo settlement?

Individual payout amounts haven't been announced yet. The total settlement is $56.85 million, which will be divided among eligible class members based on the number of valid claims and individual circumstances.

When is the deadline to file a Wells Fargo CARES Act claim?

The claim deadline hasn't been announced yet. Settlement details including the filing period are still being finalized. Use Class Action Buddy to get notified when the claim period opens.

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