nope In addition to the credit reset, targeted players will also get a one-day credit ban, which is to "ensure that recipients receive an in-game notification of the action taken."
Bungie specifically notes that players will not be banned for simply playing the game. This includes grinding out credits on the Gruntpocalypse Firefight mode in Score Attack--the effectiveness of this will be reduced tomorrow in the game's first playlist update--or abusing the Target Locator in the ONI: Sword Base mission.
Commendations, however, will not be reset. "It would not be fair to people who did use the exploit but who wish to retain the record of their playstyle, and we cannot differentiate between the two systematically," explains Bungie. Despite Bungie's reasoning, this is probably an additional punishment to these players as commendations also grant credit rewards and now these players will be reset to 0, but shut out of earning commendations that speed up the level-up process.
In other news, just play the game and have fun!