Here you go.
From 2002 to 2016, gaming practices included forging customer signatures to open accounts without authorization, creating PINs to activate unauthorized debit cards, moving money from millions of customer accounts to unauthorized accounts in a practice known internally as “simulated funding,” opening credit cards and bill pay products without authorization, altering customers’ true contact information to prevent customers from learning of unauthorized accounts and prevent Wells Fargo employees from reaching customers to conduct customer satisfaction surveys, and encouraging customers to open accounts they neither wanted or needed.
Having your money moved from the account where you expect it to be into another account that is "in your name" but of which you have no knowledge would do you great harm.
Having several credit cards open in your name even if they have zero balances will do you great harm if you go in to take out a mortgage.
Having your money moved from the account where you expect it to be into another account that is “in your name” but of which you have no knowledge would do you great harm.
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That would be a theft of funds, which I don’t see referenced. As I understand, the money was moved into those accounts and then moved back to create the illusion that the accounts were in use. Was the money actually retained?
Credit scores have a variety of inputs, including borrowed funds due ( competing monthly obligations), proportion of open credit used, making regular payments on time, and average duration credit accounts have been open. Opening new accounts can spew the average towards new, until they slew the average towards longevity. Having more unused credit raises the score, apparently because it means you’ve been approved by others.
If you are someone who has little credit history, I suppose it could during a narrow window depress your score a few points, which could enter into the loan decisions at the margins, but the claims seem all out of proportion to that.