TD Bank Mortgage Credit Reporting FCRA Settlement

If you had a residential mortgage loan with TD Bank and and disputed a late payment between October 2020 and June 2021, you may qualify to receive a payment from a class action settlement.

TD Bank has agreed to a $405,000 settlement to resolve allegations of violations under the Fair Credit Reporting Act related to the delayed mailing of mortgage statements and the subsequent inaccurate reporting of late payments.

Who will qualify for a payment?

To be considered a class member:

• You had a residential mortgage loan with TD Bank in 2020 or 2021.
• Your mortgage statement was mailed fewer than seven days before the due date at any time from October 2020 to June 2021.
• TD Bank reported you as having made a late mortgage payment between October 2020 and July 2021.
• You submitted a dispute to a Consumer Reporting Agency regarding the late payment, which the agency forwarded to TD Bank.

What will the settlement payout be?

Each class member will receive an equal settlement payment amount. After deducting attorneys' fees, service awards, and administration costs, the remaining amount will be divided equally.

Do class members need to submit a claim?

Class members do not need to take any action to receive their settlement payment. A check will be mailed to the addresses on file with TD Bank for those who are eligible.

Class members that need to update their address information should contact the settlement administrator at (833) 215-9289 or questions@FCRAMortgageSettlement.com.

$405,000 Settlement fund

The settlement fund of $405,000 will cover attorneys' fees, service awards, and administration costs. The remaining amount will be distributed equally among class members.

• Attorneys' Fees: Up to $135,000.
• Service Awards: Amounts for the plaintiff are yet to be determined.
• Administration Costs: These will also be deducted from the fund.

Important dates

Final Approval Hearing: April 28, 2025

When is the TD Bank payout date?

The next step is the final approval hearing on April 28, 2025. Once settlement is approved, payments will be distributed.

Why is there a class action settlement?

The lawsuit claims that TD Bank violated the Fair Credit Reporting Act by failing to properly investigate disputes regarding late mortgage payments, which were allegedly caused by late statement mailings. To avoid the costs and uncertainties of litigation, both parties agreed to a settlement.