Consumer complaint received 2023-05-04
Company: WELLS FARGO & COMPANY
State: GA
Product: Credit reporting, credit repair services, or other personal consumer reports
Sub-product: Credit reporting
Issue: Incorrect information on your report
Sub-issue: Account information incorrect

Complaint:
Good evening! I recently received a letter dated XXXX XXXX stating Wells Fargo Auto had furnished a CHARGE OFF to XXXX, XXXX, XXXX. I have already filed multiple disputes to remove the account starting and ending with XXXX. All three credit agencies failed to provide me with proper DEBT VALIDATION, and they all continue to reflect on my CONSUMER REPORT as a CHARGE OFF and I never received a IRS TAX FORM 1099c.With that in mind, I would also like to point out that my consumer information currently is not being accurately reported and is causing injury to my family by not being able to acquire goods and services I need for my home. I do currently have the vehicle I purchased in the consumer credit transaction dated on XXXX XXXX. I have a letter from Wells Fargo stating that there is no lien/title for my vehicle, there is no remaining balance reflecting on my Wells Fargo account but, Wells Fargo did furnished " Charged Off '' and is now being adversely reported on my credit report as a Charged Off account. We are both aware that Wells Fargo Auto as well as all other businesses lawfully acting in commerce utilizes the IRS form 1099C Cancellation of Debt for the remaining debt obligation not recovered in the sale of the vehicles after repossession. From our limited knowledge and tax obligations for the year of XXXX, such an IRS form is then reported as " INCOME '' and not as a " DEBT '' on a consumer 's tax filing requirements. While the business can cancel/ write off the account receivable '' as a " BAD DEBT '' and receive a tax deduction as mentioned in the IRS Topic 453.This current issue of Wells Fargo Auto furnishing this inaccurate information on my consumer credit report is clearly not only going against the rules of construction in the area of " exclusions '' of " reports containing information solely as to transactions or experiences between the consumer and the person making the report '', This inaccurate information as to what the IRS Publication 4681 defines as " Income '' and not " Debt '' is being furnished to third party data furnishers as well. 
Perhaps this is a small oversight that Wells Fargo Auto is not aware of and can address quickly at no cost by submitting a request to XXXX, XXXX, XXXX, to remove this inaccurate derogatory account from my credit profile since the DEBT has be canceled and reported as INCOME as well as to stop the current injury so that I could continue to prosper just like you. 
With that in mind, If for some reason this is not the correct understanding of the " exclusions '' part in the construction of a consumer 's credit report with accurate information and the correct IRS reporting a " Debt '' charged off and reported as " Income '', please let us know with supporting details so that we can be better informed consumers and honest taxpayers. Thank you and I will be looking forward to a honorable response. Please advise at your earliest convenience as to how we can rectify this current situation peacefully. I'm up late hours of the night sending this email and I am really emotionally bothered about this reflecting on my credit as a derogatory report which is defamation of character and it's starting to affect me mentally at work. Surely hope you honor my request as it is the most righteous thing to do.

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