Consumer complaint received 2024-02-04
Company: WELLS FARGO & COMPANY
State: GA
Product: Credit reporting or other personal consumer reports
Sub-product: Credit reporting
Issue: Incorrect information on your report
Sub-issue: Account information incorrect

Complaint:
Subject : Opportunity to Cure - Second Notice on Reporting Late Payments Dear Wells Fargo Dealer Services, I trust this communication finds you well. This is my second attempt to address the reporting of late payments concerning my investment with Wells Fargo Dealer Services. The first complaint was submitted to the Consumer Financial Protection Bureau ( CFPB ) on XXXX. 

Wells Fargo has eluded its responsibility by suggesting verbal communication as the solution to this issue. However, given the lack of resolution and the urgency of the matter, I am compelled to put a cease and desist order in place to limit the forms of communication. Henceforth, I am only to be contacted through mail and the CFPB. 

In addition to these measures, I must bring to your attention that, pursuant to 12 CFR 202.2 ( b ), consumer credit is defined as credit extended to a natural person primarily for personal, family, or household purposes. In accordance with this definition, if credit means the right granted by a creditor to defer its payment or purchase property or services and defer payment therefor, I assert that I am the consumer of this transaction. This assertion is based on the fact that my credit card, also known as my Social Security Number, funded the account by accessing my open-ended credit plan.

Furthermore, I declare a billing error in accordance with Regulation Z, considering the determination of finance charge and APR pursuant to 15 USC 1607 ( e ) ; 12 CFR 1026.23 ( a ) ( 3 ) ( i ) and ( ii ). In light of these regulations, I hereby rescind the promise to pay and only commit to paying a finance charge as defined in federal law. These factors are integral to the understanding of the financial arrangement in question and merit due consideration in the resolution of the reported late payments.

As an investor, I provided Wells Fargo Dealer Services with an asset-backed security. 15 U.S.C. 1681s-2 Wells Fargo Dealer Services , as a furnisher of information, is required to provide accurate information to credit reporting agencies. The absence of a system to verify billing statements with investors, as outlined in 15 U.S.C. 1666 ( b ), raises significant questions about the permissible purpose for reporting such information without explicit written consent or a court order.

In addition to federal law, I want to emphasize UCC Article 9 - Secured Transactions ( 9-609 ). This section mandates that a secured party must conduct enforcement in a commercially reasonable manner. Given the discrepancies in my billing statements, it appears there might be a violation of UCC Article 9 ( 9-609 ) guidelines.

Moreover, UCC Article 9 ( 9-625 ) underscores the duty of a secured party to conduct a comprehensive investigation when an investor disputes the accuracy of information related to their account. To address concerns of security fraud, I insist on a thorough investigation into my account, including a Bloomberg audit.

In the event of a Bloomberg audit, the auditor will have the capability to retrieve the CUSIP number associated with my security. This auditor will be able to scrutinize the financial details, including how much money Wells Fargo Dealer Services has generated from my security and its current valuation. 

Failure to promptly rectify these issues may result in further legal actions, including the involvement of the Internal Revenue Service ( IRS ) to ensure compliance with tax regulations. My primary objective is to resolve these matters amicably, and I firmly believe that a comprehensive and timely correction of my credit report is in the best interest of both parties.

I kindly request the immediate correction of my credit report to accurately reflect a " paid as agreed, never late '' payment history, aligning with both federal laws, particularly the FCRA, and UCC Article 9 ( 9-609, 9-625 ) requirements.

I trust that Wells Fargo Dealer Services will take immediate, comprehensive steps to address these concerns to avoid further legal actions and to maintain the integrity of our business relationship. Your prompt attention to these additional considerations is appreciated as we work towards an amicable resolution.

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