How to get your money back from Wells Fargo and other big banks — with the help of a new tool
Wells Fargo is offering some relief to customers with bad credit reports.
The bank said Friday that it will no longer accept new or existing credit reports from new or renewing customers who have not received their latest renewal notice.
Wells Fargo said customers will be able to apply for a new credit report through the bank’s website at www.wellsfargo.com/credit.
In the meantime, Wells Fargo customers will still be able get their existing credit scores through a credit scoring service.
The new program is available only to existing customers.
Wells said the new program will be effective Jan. 31, 2018, for new and renewing credit card accounts and for customers who are current customers of Wells Fargo or have a Wells Fargo card with a qualifying transaction history.
The credit scoring company, Equifax, said last week that it would stop using a “verification” model for credit scores in December, after its first customers complained of the problems with the scores.
Wells, however, said in a statement Friday that the new model will allow consumers to apply to receive their credit scores from Equifax if they have a qualifying payment history and have a verified Wells Fargo account.
Wells is one of several credit reporting companies that have been criticized for having a poor reputation for helping consumers regain their credit.
Wells has been criticized in the past for charging consumers for services that have little to no benefit, such as customer service and help desk help.
Wells customers can apply to get their credit reports by calling 1-866-739-0333.
Wells also said it would begin charging consumers a fee for services such as its customer service line and online assistance.
In January, Wells said it plans to introduce new payment methods to make its services more convenient and easier to use.
The company said customers with current credit scores will have the option to get a new report from Equivalence, which has been the most popular credit scoring agency since its launch in July 2015.
The U.S. Consumer Financial Protection Bureau said in October that Wells Fargo’s new online application would be able give consumers a way to access their credit score without going through an expensive and time-consuming credit reporting agency.
Wells says it is working with credit bureaus and credit reporting agencies to ensure customers receive credit scores that are accurate, accurate, up-to-date and timely.
The announcement comes as the government considers whether to impose tougher rules on credit reporting services.
Wells recently sued several banks over their use of automated credit reporting software, including Equifax and TransUnion.
The companies say they provide consumers with an accurate, timely and accurate credit score and are not using the technology to harm consumers.