Consumer complaint received 2024-01-09
Company: WELLS FARGO & COMPANY
State: MO
Product: Credit reporting or other personal consumer reports
Sub-product: Credit reporting
Issue: Improper use of your report
Sub-issue: Reporting company used your report improperly

Complaint:
Please be advised that on XXXX XXXX XXXX, I am writing to dispute the adverse action taken against me based upon the credit application I extended to XXXX XXXX XXXX ( Application # XXXX ) given in good faith as a consumer credit application in the form of a book entry that was received on the record with XXXX XXXX XXXX XXXX XXXX XXXX XXXXXXXX XXXX in accordance with the ( FCRA ). In review of your XXXX XXXX XXXX dated XX/XX/XXXX my application was received as a book-entry account documented as a XXXX XXXX Certificate Receivable as defined in your XXXX XXXX XXXX XXXX filed with the Securities Exchange Commission ( Commission ) , I have a right to request an investigation into the accuracy of the negative information reported by your agency. Be advised that it is a federal crime of identity theft 18 USC 102A to share my personal identifying information with your underwriter Wells Fargo without my knowledge and consent. XXXX XXXX as a Holder of my personal information used my personal information to create and record a book-entry receivable on the record with the Commission without my knowledge and consent. Further, under 15 USC 1681, it is a violation to use my credit report as a means of denying me credit is an adverse action when using Wells Fargo as an affiliate underwriter to determine my credit worthiness is deceptive and unfair business practices. 

XXXX XXXX without my knowledge or consent received my application online without any disclosures that my application would be assigned to XXXX XXXX and received on the record as a Certificate and Receivable and being used as a part of a pool book-entry asset backed securities on behalf of XXXX XXXX to present to Investors to raise capital on behalf of the XXXX XXXX using Wells Fargo as the underwriter. This means that Wells Fargo Bank and XXXX XXXX have denied me my extension of my credit never disclosing to me that I was entering into a securitization process with multiple affiliates in violation of my privacy rights in accordance with the Privacy Act of 1974 and violations of 15 USC 1642, 15 USC 1681m. and 12 CFR 1002, the Equal Credit Opportunity act. Also, I have attached a copy of the Receivables Purchase Agreement which outlines the application process and how the applications are securitized for the purpose of filing a CFPB complaint in order to have this transaction investigated. 

Further, this is a violation of my consumer rights under 15 USC 1642, to use adverse actions and unfair deceptive and abusive practices such as credit denial in the process of interstate commerce according to the Federal Trade Commission and FINRA, as well as Dodd-Frank Act. Further, according to the Dodd-Frank Act, is an adverse action taken by XXXX XXXX and Wells Fargo by sharing my personal data with its affiliate underwriter Wells Fargo and together both agencies using adverse actions against me to deny me an extension of credit also in violation of the Privacy Act of 1974, 15USC 1681 and the Equal Credit Opportunity Act. XXXX XXXX engaged in a securities transaction documented through the Securities and Exchange Commission without my knowledge and consent. For XXXX XXXX to deny me my extension of credit in this transition constitutes a breach of Custodian and Fiduciary responsibility under the Indenture Trustee Act of 1939, as well as securities fraud under the Securities and Exchange Act of 1933. 

XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX acting as custodian and fiduciary under the Patriot Act and 12 CFR Appendix A to Part 1002. XXXX XXXX took my application as a Receivable and sold it to XXXX XXXXXXXX XXXX without my knowledge and consent. I am prepared to file in the proper legal venue all documents necessary to show how XXXX XXXX XXXX XXXX and XXXX XXXX have failed in me in a consumer transaction as an Investor according to their XXXXXXXX XXXX dated XX/XX/XXXX. XXXX XXXX has filed a Prospectus with the Securities and Exchange Commission dated XX/XX/XXXX and filed on the record with the Securities and Exchange Commission which details how my credit application was securitized through XXXX XXXX and XXXX XXXX XXXX XXXXXXXX and XXXX XXXX is choosing to deny me an extension of credit that I am rightfully entitled as an Investor and Holder of Receivables with XXXX XXXX XXXX by submitting an application with the XXXX XXXX XXXX 

My proof of this record is the XXXXXXXX XXXX, the XXXX RECEIVABLES PURCHASE AGREEMENT, The XXXX XXXX XXXX XXXX UNDERWRITING AGREEMENT, between XXXX XXXX and XXXX XXXX dated XX/XX/XXXX, attached for reference to show that XXXX XXXX is well aware of its obligation to investors and consumers as it states in its Prospectus : Consumer Financial Protection Bureau ( CFPB ), which was created by the Dodd-Frank Act, is responsible for implementing and enforcing various federal consumer protection laws. The CFPB also supervises certain depository institutions and non-depository institutions offering financial products and services to consumers, including automobile loans and leases. XXXXXXXX XXXX  and XXXXXXXX XXXX are subject to regulation by the CFPB and XXXX XXXX is also subject to the CFPBs investigation and enforcement authority. The CFPB has issued public guidance regarding compliance with the fair lending requirements of the Equal Credit Opportunity Act, and its implementing regulation, for automobile lenders that permit automobile dealers to charge the consumer an interest rate that is higher than the rate the lender provides the dealer for a consumer. This increased rate is typically called a dealer markup. The CFPB has been conducting fair lending examinations and investigations of automobile lenders and their dealer markup and compensation policies. In addition, we understand that the CFPB has also conducted investigations concerning certain other automobile lending practices, including the sale of extended warranties, credit insurance and other add-on products. If any of these practices were found to violate applicable laws, XXXX XXXX or XXXXXXXX XXXX could be obligated to repurchase from the Issuing Entity any related Receivable that fails to comply with law, if the violation has a material and adverse effect on the interests of the Issuing Entity or the Noteholders in the related Receivable and such violation is not timely cured. In addition, XXXX XXXX, XXXX XXXX  the Depositor or the Issuing Entity could also possibly be subject to claims by the obligors on those contracts, and any relief granted by a court could potentially adversely affect the Issuing Entity. 

It is a violation of Rule 200 under the Securities Exchange Act 17 CFR 200 to deny me an extension of credit as an investor in XXXX XXXX XXXX pursuant to your Prospectus, the XXXX XXXX and XXXX XXXX Purchase Agreement and your Annual XXXX filing and 15 USC 1681 and 17 CFR Part 9. Moreover, under Rule 14a-12, filed under the Securities and Exchange Act 17 CFR 201.31, XXXX XXXX agrees to be ethically bound to not commit language fraud even in the application solicitations, as well as, state all parties involved when committing an adverse action against me as an investor as stated in your Form 10-K by providing proper disclosures to all investors. I was not provided with any of the disclosures involved in why XXXX XXXX took adverse action against me. XXXX XXXX further agrees that pursuant to the Securities Exchange Act of 1933, to be ethically bound to the language and performance of all of XXXX XXXX public offerings, filings and commitments made to investors. Further, per your XXXX annual filing, your retail installment credit application and consumer products are at the top of your highest grossing tier of revenue for XXXX XXXX which means that any investment that includes my application and promissory note is a part of your highest grossing revenue. 

As an investor a part of multi-denomination global securities as defined in under the RECEIVABLES PURCHASE AGREEMENT between XXXX XXXX XXXX XXXX XXXX, as Seller, and XXXX XXXX XXXX XXXX, as Depositor Dated as of XX/XX/XXXX under SECTION 2.01 Conveyance of Receivables ( a ) In consideration of the Depositors delivery to or upon the order of the Seller on the Closing Date of {>= $1,000,000} and a Certificate representing a Certificate Percentage Interest equal to XXXX XXXX, representing a total purchase price of {>= $1,000,000} ( collectively, the Purchase Price ), the Seller does hereby sell, transfer, assign, set over and otherwise convey to the Depositor, without recourse ( subject to the obligations of the Seller herein ) all right, title, and interest of the Seller in and to the following assets and property whether now owned or existing or hereafter acquired or arising : ( i ) the Receivables and all moneys received thereon after the close of business on XX/XX/XXXX ; ( ii ) the security interests in the Financed Vehicles and any accessions thereto granted by Obligors pursuant to the Receivables and any other interest of the Seller in such Financed Vehicles ; ( iii ) any Liquidation Proceeds and Recoveries and any other proceeds with respect to the Receivables from claims on any theft, physical damage, credit life or disability insurance policies covering Financed Vehicles or Obligors, including any vendors single interest or other collateral protection insurance policy ; ( iv ) any property that shall have secured a Receivable and that shall have been acquired by or on behalf of the Seller ; ( v ) all documents and other items contained in the Receivable Files ; ( vi ) all proceeds from any Receivable repurchased by a Dealer pursuant to a Dealer Agreement; and ( vii ) the proceeds of any and all of the foregoing ( collectively, with the assets listed in clauses ( i ) through ( vi ) above, the Conveyed Assets ). 
( b ) For all non-tax purposes, the Seller and the Depositor intend that the transfer of assets by the qSeller to the Depositor pursuant to this Agreement be a sale of the ownership interest in such assets to the Depositor, rather than the mere granting of a security interest to secure a borrowing. In the event, however, that such transfer is deemed not to be a sale but to be a grant of a mere security interest to secure a borrowing, the Seller shall be deemed to have hereby granted, and does hereby grant, to the Depositor a first priority security interest in all right, title and interest of the Seller in and to the Conveyed Assets, whether now owned or existing or hereafter acquired or arising, and all accounts, money, chattel paper, securities, instruments, documents, deposit accounts, certificates of deposit, letters of credit, advices of credit, bankers acceptances, uncertificated securities, general intangibles, contract rights, goods and other property consisting of, arising from or relating to such Conveyed Assets, which security interest shall be perfected, to secure a debt in the amount equal to the Purchase Price ( less payments of principal previously received in respect of the Receivables ) plus interest at a rate equal to the weighted average of the interest rates payable on the Receivables. Pursuant to the Sale and Servicing Agreement and Section 6.04 hereof, the Depositor may sell, transfer and assign to the Issuer ( i ) all or any portion of the assets assigned to the Depositor hereunder, ( ii ) all or any portion of the Depositors rights against the Seller under this Agreement and ( iii ) all proceeds thereof. Such assignment may be made by the Depositor with or without an assignment by the Depositor of its rights under this Agreement, and without further notice to or acknowledgement from the Seller. The Seller waives, to the extent permitted under applicable law, all claims, causes of action and remedies, whether legal or equitable ( including any right of setoff ), against the Depositor or any assignee of the Depositor relating to such action by the Depositor in connection with the transactions contemplated by the Sale and Servicing Agreement. Because ( i ) the Depositor intends to convey all of its right, title and interest in and to the Receivables to the Issuer pursuant to the Sale and Servicing Agreement, ( ii ) the Issuer intends to pledge all of its right, title and interest in and to the Receivables to the Indenture Trustee pursuant to the Indenture, ( iii ) the Seller intends that the transfer of Receivables pursuant to this Agreement be a sale of the ownership interest in such Receivables to the Depositor, and ( iv ) the parties intend that the Indenture Trustee have a direct security interest in the Receivables, if the transfer of the Receivables pursuant to this Agreement is deemed to be a grant of a security interest to secure a borrowing, the foregoing grant by the Seller of a security interest in the Receivables to secure a debt in the amount of the debt described above shall be deemed to be, and the Seller hereby grants, a direct security interest in the Receivables to the Indenture Trustee for the benefit of the Noteholders to secure the debt described above. 
SECTION 2.02 The Closing. The sale and purchase of the Receivables shall take place at a closing at XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX New York XXXX on the Closing Date, simultaneously with the closing under ( a ) the Sale and Servicing Agreement, ( b ) the Indenture, ( c ) the XXXXXXXX XXXX XXXX Purchase Agreement and ( d ) the Trust Agreement XXXX XXXX and Wells Fargo has caused me intentional hard by their adverse action against me. I am experiencing emotional stress, XXXX humiliation, XXXX, loss of appetite, XXXX, mental anguish and embarrassment by denying me my rights to my consumer right to credit. If I am continued to be denied the open end retail installment credit contract from XXXX XXXX as an Investor and Person Deemed Owner and Holder of XXXX Certificates described in the INDENTURE between XXXX VEHICLE OWNER TRUST, as Issuer, and XXXX XXXX XXXX XXXX XXXX XXXX XXXX, as Indenture Trustee Dated as of XX/XX/XXXX, I will have to pursue legal remedies to be compensated for the. XXXX XXXX filed using your Prospectus on XX/XX/XXXX, filed pursuant to Rule 433, with to show that XXXX XXXX XXXX has securitized my credit applications through its depositor, XXXX XXXX, as well as, a previous application and committed securities and FCPA fraud against me.

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