Consumer complaint received 2019-01-05
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 status incorrect

Complaint:
Letter sent to Wells Fargo Bank/ CEO in XX/XX/2018 : Re : WELLS FARGO/XXXX XXXX  REVOLVING RETAIL ACCOUNT WELLS FARGO CASE NUMBER ASSIGNED : XXXX Dear Mr. XXXX : I'm writing to you directly regarding the above referenced account. 

Please be advised that it is my position that Wells Fargo Bank has caused me financial harm due to a negative credit report made to the credit bureau by Wells Fargo. This report was in error and, admittedly so by Wells Fargo and as of today XX/XX/XXXX, not properly reflected on my credit report. 

In an effort to purchase a new home, I pursued conventional mortgage financing. During the preapproval process, my credit report was pulled in XX/XX/2018 and in XX/XX/2018. At this point, my credit standing was such that it enabled me to qualify, and subsequently approved for what I considered a reasonable and favorable conventional mortgage loan. In XX/XX/2018 my lender, as part of their approval process, pulled an updated credit report and it revealed that Wells Fargo had reported a past due payment for above referenced account. I was taken aback as my account with Wells Fargo had been paid in full and closed based on your banks account billing. The filing of this erroneous past due had a damaging effect and cause irreparable harm. This effectively reduced my credit score from XXXX to XXXX.I was no longer eligible for the conventional mortgage loan under the terms I had been initially been approved. I was approved at an interest rate of 4.75 % per annum. 

This was due to an invoice for {$2.00} that was issued by Wells Fargo that I did not receive until XX/XX/2018 -- -six months after the account had been paid in full according to recorded billing information. I paid the account in full based on the balance reported in the account billing in XX/XX/2018. As previously stated, it wasnt until XX/XX/2018 ( 6 months after what I thought was a paid in full account ) I received the {$2.00} invoice on above referenced account. I immediately paid it upon receipt even though I did not believe I owed it. This was done in good faith, as I was in the midst of obtaining mortgage financing for my new home. 

As a consequence, the negative report made by Wells Fargo the cost of a conventional loan was much higher, and I was forced to pursue alternative financing. In doing so my lender was able to qualify me for an FHA loan ; but at a higher APR and PMI, faced with a market where interest rates were on the rise, my lender locked me into a rate ; but the time to closing was greatly reduced. I was being squeezed from both ends. My builder needed to close in order to reduce its costs associated with its builder 's loan and my lender need to close in order to hold the rate. There was simply not enough time to resolve the issue with your bank and correct the credit score. Unfortunately, the damage had been done. 

I have been financially harmed in the amount of {$34000.00} ( calculations attached ). This includes but is not limited to additional fees incurred from going FHA versus conventional loan ; Attorney Fees ; Administrative Fees, Private Mortgage Insurance ( PMI ) ; the increase in interest on the note and additional Travel. 

It is my hope that we can resolve this matter amicably by your company compensating me for the financial harm that I have suffered. 

BACKGROUND FOR YOUR INFORMATION : On XX/XX/2018, I received a call from my loan officer alerting me to the credit score drop. I immediately took the following steps to resolve the negative credit impact : XXXX Received call from Loan Officer on XX/XX/2018 stating that credit rating provided me XXXX phone number along with associated account number of XXXX XXXX/Wells Fargo * Contacted XXXX  to ask about credit impact and process for dispute on XX/XX/2018 * Received information from XXXX on credit concern and requested phone number for Wells Fargo * Began the 39+ phone calls to Wells Fargo to determine what steps were needed to remove this negative impact to my credit score. I advised Wells Fargo each time on the importance on resolving this issue quickly. I also asked for explanation as to how and/or why this occurred. No one at Wells Fargo could provide an answer. Please refer to phone log of days and times that Wells Fargo was contacted. All calls were recorded per Wells Fargo. 
* During a few of the instances, I asked for the customer service manager 's email. I was never provided with an answer ; merely told that they would contact me * I advised them that my Wells Fargo on-line account would not allow me to access my account to see prior history. Furthermore, the account associate could not access information on my payment history, each time I was told that the account had been closed * After many days of inquiry, my loan officer received a fax letter from Wells Fargo on XX/XX/XXXX, from Credit Bureau Dispute Resolution, Consumer Credit Solutions. The letter was not sent directly to me, as it should have been. The letter stated that the information reported was accurate, which I knew it was not. Wells Fargo wanted agreement that the information they had was accurate and it was not. 
* After many more calls, I was transferred to Wells Fargo Corporate where a case was XXXX was assigned to the Research and Remediation Analyst, where she stated she needed a minimal of 10 days * The phone calls to the assigned Analyst occurred frequently, and on XX/XX/XXXX I received a letter that requested late payments would be removed from my credit report. It was in error due to Wells Fargo. The Analyst stated that 30 days would be needed to allow time for the Credit Agencies to remove. As of today, XX/XX/XXXX, XXXX XXXX XXXX is still reflecting a late payment for the month of XX/XX/XXXX under that account, and XXXX is showing a payment for the months of XX/XX/XXXX and XX/XX/2018. This confirms that Wells Fargo still have not completed the due diligent to clear this error completely. 
* I tried to prolong efforts for closing due to delayed responses from Wells Fargo ; but without success. I had to close or lose what appeared to be a favorable interest rate under the circumstances. 
* The letter from Wells Fargo on XX/XX/XXXX was too late to revert to conventional financing and have the rate that was locked. Credit rating has not cleared from all credit agencies. 
* I closed on my home on XX/XX/XXXX, utilizing the FHA Approved financing I hope we are able to resolve his matter amicably. I also ask that you provide a timely response. 


Attachments : Calculation of Financial Harm Letter of apology from Wells Fargo Listing of Phone calls made to resolve problem Referenced confirmation of payment of invoice {$2.00}

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 non-monetary relief