Consumer complaint received 2020-01-12
Company: WELLS FARGO & COMPANY
State: TX
Product: Credit reporting, credit repair services, or other personal consumer reports
Sub-product: Credit reporting
Issue: Problem with a credit reporting company's investigation into an existing problem
Sub-issue: Their investigation did not fix an error on your report

Complaint:
Wells Fargo Home Mortgage has reported 4 late payments on my credit report to XXXX and XXXX. I have submitted a dispute to each of the credit bureau 's but the results came back the same. Wells Fargo refuses to remove the late payments despite proof of payment for 2 of the 4 months reported as late. 

In XX/XX/XXXX I entered a forbearance program with Wells Fargo. I was medically retired from XXXX XXXX and lost a substantial amount of income. I was to pay {$25.00} a month for 4 months ( XX/XX/XXXX, XX/XX/XXXX, XX/XX/XXXX, XX/XX/XXXX ). Once I completed the payment plan, I was told that a new payment would be calculated to address my arrears and future payments. This would be determined based on income and the options were between a repayment plan or loan modification. 

In XX/XX/XXXX, I was instructed to complete a mortgage assistance application which provided details about my income. It was determined that I would pay my arrears and future payments through a repayment plan of almost {$2500.00} a month. I expressed concern because at the time I was attending school full-time and paying for tuition out of pocket. I submitted an appeal and was told to provide a new application with my education expenses included in the budget worksheet. Once submitted, it was determined that a loan modification would better fit my situation. 

I was then told that effective XX/XX/XXXX, I was to begin making 4 trail mortgage payments of {$1300.00}. I completed the trial mortgage payments in XX/XX/XXXX and my official loan modification documents were signed in XX/XX/XXXX. During the time I was in underwriting ( XX/XX/XXXX -XX/XX/XXXX ) and while I began my trial mortgage payments ( XX/XX/XXXX - XX/XX/XXXX ) Wells Fargo reported my account late to the credit agencies. 

This has now prevented me from using my VA Home Loan benefit that I served nearly 15 years to earn. It has also prevented me from obtaining a home loan with other lenders and even Wells Fargo, which is a complete slap in the face. In XX/XX/XXXX I asked my loan preservation specialist about the next steps in making full mortgage payments but was told not to worry as it would be calculated when the time came. At no point was I advised that during the underwriting process and while making trial mortgage payments that my account would be reported late to the credit bureaus. If I had known, I would have never entered any agreement with Wells Fargo under their mortgage assistance program. 

I want this issue to be reconciled immediately so that I can obtain credit for a new home and so that other service members are not faced with the same situation. Wells Fargo is impacting a VA benefit that many work hard for and at a high price.

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