Consumer complaint received 2021-05-26
Company: WELLS FARGO & COMPANY
State: GA
Product: Student loan
Sub-product: Private student loan
Issue: Dealing with your lender or servicer
Sub-issue: Received bad information about your loan

Complaint:
Wells Fargo has been the holder on my private student loan accounts for several years. At the end of XXXX of XXXX they sold my student loans to XXXX XXXX, an excellent company. At the time of the sale I was currently attempting a loan modification as the amount I was being asked to pay was too great, and I was informed during this process to do the best I could to keep up with the payments, and that when the loan modification was complete anything negative would be erased. I was told to make best efforts. 

However, before completing the loan modification process the loans were transferred to XXXX XXXX. I called in on XX/XX/XXXX to make a payment to Wells Fargo and to make sure my account was in good standing and up to date. I was told that my account, and account information, had been transferred to XXXX XXXX. I was given their number, and called them. I was informed by XXXX XXXX that I had a past due amount that Wells Fargo had not informed me of correctly at anytime before the 30 day period prior to XX/XX/XXXX, when it would hit my credit score. I specifically asked if there was anything negative on my account when I spoke with the Wells Fargo Representative on XX/XX/XXXX, and was informed that the account was in Good Standing when it was transferred to XXXX XXXX. 

On XX/XX/XXXX my Credit Score took a major hit of 50 points because Wells Fargo reported a missed payment. I was shocked because I was informed by Wells Fargo that my account was in good standing on XX/XX/XXXX and that there were no issues. In attempting to deal with this with Wells Fargo they said that what was told to me on the XXXX did not matter because it was after the 30 day time frame, and that I should have known. Yet in the conversation with the loan modification people at Wells Fargo I was told to make best efforts. 

Wells Fargo claims to have called and sent me information. I received no phone calls. I received no letters, regardless of whether or not they say they sent them. I never got them. I am now being blamed for a situation where-in I am being placed at fault for acting on information that Wells Fargo gave me. 

This is not the first time Wells Fargo communication has been lack luster at best. They never made, what I consider, to be best efforts to contact me, despite me repeatedly asking them to call me if there was an issue on my account, THEY NEVER CALLED ME. The only way that I ever knew of an issue on my account was to call them. I spent years attempting to rebuild my credit, and because Wells Fargo refuses to admit that they made a mistake I could very well be forced to rebuild my credit again, unfairly. 

The poor customer service and selling of debt, and rebuying apparently, has made me so paranoid with Wells Fargo that I am no recording all my phone calls with them to ensure that they are forced to be held to their word. Despite promises to resolve the issue in an equitable manner Wells Fargo has gone, " You're account is no longer with us. So it isn't our problem. We don't care how the information you acted upon was relayed, and whether or not our representatives made a mistake in telling you wrong information. If you acted on information from us that was wrong, that is your fault not ours. '' The paradox here is astounding. Consistently they have shown NO regard for me as a customer, and my opinions or issues or life problems have been disregarded. They have clearly shown that they have no wish to satisfy customers, and are only interested in what will help them. They have misrepresented themselves as a bank that cares about the people, while using predatory student loans on college students to boost their income. This is misrepresentation of the lowest sort.

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