Consumer complaint received 2023-04-13
Company: WELLS FARGO & COMPANY
State: NV
Product: Payday loan, title loan, or personal loan
Sub-product: Installment loan
Issue: Getting the loan

Complaint:
I am writing to file a complaint against Wells Fargo for denying my loan application despite having been a loyal customer of the bank for eight years. I applied for a loan to consolidate my credit card debt and help me get through a job transition, but my application was denied because my debt-to-income ratio was considered too high. 

I have a credit score of XXXX, XXXX and XXXX which is not poor, and my main source of debt is my student loans amounting to {$60000.00}. However, I am party to a class action lawsuit that resulted in the full discharge of my student loan debt. Although the process has not yet been completed, Wells Fargo did not consider this information in my loan application, stating that they would only consider current information on my credit report. This is unfair and unjust. 

The denial of my loan application has put me in a very difficult financial situation as I will not be able to pay my bills. Furthermore, this decision will have a negative impact on my credit score. Making it even harder to find a loan and preventing me from having the capital I need to start making more income. 

I believe that Wells Fargo 's actions are in violation of the Fair Credit Reporting Act, which requires lenders to provide accurate and fair credit reports, and investigate and correct any errors on credit reports. In my case, Wells Fargo 's failure to consider my impending student loan discharge is a clear violation of this act. Wells had approved me 2 months prior when I checked my rate i did not proceed because inwas just exploring my options at the time as ineas anticipating the transition. nothing changed between the first and second application. I even went to the bank and tried to get a loan with the representative, bringing the necessary evidence to demonstrate the student loan debt would be clear. I also have a recorded call with a representative who told me the only information Wells Fargo considers is what is currently showing on my credit report. I was supposed to get a call back and never did. 

Moreover, the Equal Credit Opportunity Act prohibits lenders from discriminating based on race, religion, national origin, sex, marital status, or age. I have not experienced discrimination based on any of these factors, but the failure of Wells Fargo to consider my impending student loan discharge could be interpreted as a form of discrimination against my financial status. 

I am requesting that the Consumer Financial Protection Bureau investigate this matter thoroughly and take appropriate action against Wells Fargo. I believe that I deserve fair treatment and the opportunity to improve my financial situation without any discrimination. I now don't even know what I am going to do because i am a single parent. I recieve no child supoort and i have no family or friends I can go-to for money. 

Thank you for your attention to this matter. 

Sincerely, [ Your Name ]

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