BofA Home Loan Credit Score Settlement

A proposed class action lawsuit settlement with Bank of America could put as much as $100 in the pockets of anyone who applied for a home equity loan or mortgage loan during certain dates between 2006 and 2009.

The class action lawsuit, entitled Domonoske v. Bank of America, N.A., alleges Bank of America violated the Fair Credit Reporting Act by delaying the disclosure of credit scores it obtained in connection with mortgage loan applications and home equity transactions. Federal law requires that these credit scores be disclosed to applicants “as soon as reasonably practicable.” The plaintiffs in the Bank of America credit score class action, however, allege Bank of America waited as many as five days before disclosing credit scores to loan applicants.

Bank of America denies the allegations, but has agreed to a $9.95 million class action lawsuit settlement to resolve the case.

To be considered a class member of the Bank of America credit score class action lawsuit settlement, you must meet the following requirements:

(I) Your loan application was processed between August 8, 2006 and September 12, 2008 on the computer system primarily used for home equity loans and lines of credit, known as “ACAPS,” and the credit score disclosure was triggered on that system more than three days after receipt of the application; or

(II) Your loan application was processed between May 28, 2006 and July 11, 2009, on the computer systems primarily used for certain mortgage loans, known as the “Legacy Bank of America” systems, and that application resulted in a loan being made to you.

The amount you will receive from the Bank of America credit score settlement will be between $2 and $100, depending on how many class members file claims.

To obtain your cash benefit from the BofA credit score class action settlement, you must submit a valid claim form online or postmarked no later than February 18, 2011.

More information about how to file a claim for the Bank of America Credit Score Class Action Lawsuit Settlement can be found on the Settlement Administrator’s website at www.CreditScoreSettlement.com.