Consumer complaint received 2023-05-15
Company: WELLS FARGO & COMPANY
State: NV
Product: Payday loan, title loan, or personal loan
Sub-product: Installment loan
Issue: Getting the loan

Complaint:
On XX/XX/XXXX I submitted complain XXXX which has since been ineffectively handled and closed. 

I would like to express my disappointment and frustration with the lack of attention and support provided by Wells Fargo in regards to my loan application and subsequent complaint. I was relying on this loan to support my goals and prevent hardship. Because of the denial, i am in the midst of a financial crisis. 

In XXXX of XXXX, I was offered loan rates up to {$100000.00} through wells fargos website when I was checked my rate for a personal loans, I decided not to move forward at that time. HoweverXXXX XXXX months later it became apparent that i would need money to get myself through a transition that would improve my position, or I was going to be in a bad situation. I checked my rate again and was denied. The reason I was given by Wells fargos representative was my high debt and account delinquency. Those are not new, they were on my credit report back in XXXX when i had been approved. Those negative marks resulted from a personal crisis that perpetuated into a financial crisis. My credit card debt should not have been a considerstion since XXXX purpose for my loan request was to pay off all my balances. I also explained to the XXXX representative that I was a party in XXXX XXXX XXXXXXXX and that my XXXX in student loan debt would soon be forgiven in full. The representative informed me that Wells Fargo only considers what is current on my credit report. Which, goes against the guidance of the cfpb, to consider additional factors and not solely the credit report. 

After I submitted my complaint to the cfpb, I missed a call from XXXX at wells fargo XXXX office. I attempted to contact her back twice and was told by another representative that there was no need for her to talk to me, my complaint was being investigated and I would be informed of a decision in XXXX  days. Instead, Wells Fargo informed the cfpb that they needed XXXX  days to address my concerns. 

it is unacceptable that Wells Fargo would need the additional time to address my concerns as stated in the recent letter. No attempt has been made to listen to my concerns and they still have not been addressed. I believe it is the responsibility of Wells Fargo to provide timely responses and support to customers in need, especially during times of financial hardship. I didn't have this long and their refusal to listen or help has only caused things to get worse.In this moment, had I been approved by Wells Fargo, I would have had my credit debt paid off and a higher credit score, I would have the licenses, leads and equipment needed for my new contracting opportunity, a space to work out of to do hypnosis, and my non profit would be formed and ready to go. I would be generating an income.. Instead I'm maxed out on my cards, my score is going down I havent met my obligations I have no income coming in and don't know how I'm going to pay my bills. I'm going to lose an opportunity and the amount of funding I now need to compensate for the damage is XXXX instead of the original XXXX I requested. It is unconscionable that Wells Fargo responded to my complaint and denied my loan with the inclusion of the recent negative information on my credit report that only resulted from my inability to get the loan I needed to prevent the problem from happening. 

I would like to bring to your attention the Fair Credit Reporting Act and the Equal Credit Opportunity Act which prohibit discrimination in lending based on XXXX  XXXX, XXXX XXXX XXXX, or receipt of public assistance. By denying my loan application based on my current credit report and not taking into account my imminent student loan forgiveness, Wells Fargo may be violating these laws. Wells fargo did not give me fair consideration if they only looked at my credit report. It may seem universally fair to apply the same standard to the entire population but it's XXXX percent discriminatory and it only results in exclusion of populations like myself because as a single parent who receives no child support and has noone to turn to for help, the expectation that I meet the same criteria as someone who has a partner, support and people to turn to for help, is completely unrealistic. 

In the last XXXX  years I have had a baby, separated from the father who was cheating. I've been hospitalized for an illness that almost killed me. My XXXX XXXX The pandemic happened. I was stuck home assisting my XXXX with school online for a year because he has a learning XXXX. My job and income were negatively impacted by the pandemic and never improved and everything has become more expensive. I got through all of that by myself. All of those things are financial stressors. When I applied in XXXX, the fact that I had a XXXX was an achievement. if anything it demonstrates resiliency. Thats reality. 


I am also aware that Wells Fargo has a responsibility to prevent poverty and promote economic inclusion as outlined in the Community Reinvestment Act. As a long-time customer of Wells Fargo with a credit card and a checking account, it is disappointing that I am unable to obtain a loan from a bank that has been able to lend out XXXX dollars for every XXXX dollar I have deposited into my account since i opened it. 

I understand that I am considered socioeconomically disadvantaged and vulnerable because I am a minority and single parent. I don't I don't have access to resources. I understand that I'm perceived as a risk, however in consideration to the recession and current state of the countries monetary system, I am just as much of a risk as anyone else.

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with explanation