Consumer complaint received 2019-04-25
Company: WELLS FARGO & COMPANY
State: AL
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:
I settled in full an account with Wells Fargo on XX/XX/2019. I'm trying to buy a house and my loan agent is helping me work on my credit scores with XXXX, XXXX and XXXX. In order to get the status of my account updated, I requested a letter from Wells Fargo stating my account was settled in full and that no other monies were expected from me. Wells Fargo sent a letter that stated they had received my payment of {$2200.00} on XX/XX/2019 to satisfy the balance for my account and that I do not need to make any more payments. However, in the next section of the letter, it states " In accepting this settlement we intend to discontinue collections. Upon receipt of valid funds, we will update our records to indicate the account is settled. '' ... 

The problem is the clause " Upon receipt of valid funds ''. There are several problems with this clause. ( 1 ) This clause contradicts the above paragraph where it states they received my payment to satisfy the balance for my account. ( 2 ). It is misleading and completely incorrect. They have received my funds. My funds were valid. The funds were withdrawn from my account. The funds were placed in Wells Fargo 's account. The credit agencies will not use this letter to update my credit report because of this one clause. 

I spent most of last week on the phone with them trying to get the letter sent. Finally someone told me it was system generated and COULD NOT BE CHANGED ( even though I pointed the above issues out to them. They sent me to their legal department and XXXX XXXX ( XXXX ext XXXX ) agreed with me and tried to get a letter generated that left out that one clause. Wells Fargo denied him. He spoke with 3 different departments and received the same answer. 

Then I asked if I could authorize any representative from XXXX, XXXX, and XXXX to have access to my account. I was told yes by XXXX in the recovery department and I was told yes by XXXX XXXX XXXX, today, when my mortgage lender said the credit agency called but were denied, I called Wells Fargo back. XXXX @ XXXX said they needed a named representative from each agency. This is completely different than what I was told yesterday. Additionally, I asked XXXX XXXX to file a complaint regarding the wording of the letter and recommended it being changed because of the reasons stated above. 

I've asked for my account status to be updated to the credit agencies and was denied because Wells Fargo says they will update the agencies after 45 days. 

I have used 2 weeks of the house buying process trying to get something.. anything from Wells Fargo stating that I settled the account in full to no avail. I'm running out of time. 

I'm not asking for a letter saying its paid in full. I know I settled. I'm not asking for anything other than the current status of my account which is settled in full with a {$0.00} balance.

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