Bank of America settles credit score class action for $9.95 million

Posted on: December 13th, 2011 by Steve Larson

Plaintiffs in a class action lawsuit against Bank of America will soon receive their piece of a $9.95 million settlement.  The suit alleged the bank did not properly notify customers that it used credit scores to process mortgages and home equity loans, which is required under the federal Fair Credit Reporting Act.