Consumer complaint received 2019-08-14
Company: WELLS FARGO & COMPANY
State: CO
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 have two charged off Wells Fargo Student Loans, but they have recently been updated incorrectly on my credit report. The email below describes my concerns and was sent to the Wells Fargo executive offices, and I have been attempting to resolve this with them for over a month. I was told I would receive resolution on the matter no later than XX/XX/XXXX, and I have yet to receive anything. The problem is still not corrected and is negatively impacting my credit score. Wells Fargo has illegally re-aged both of my charged off student loans, and they are incorrectly reporting them as delinquent even though I have been paying as agreed per my written payment arrangement. 

The email I sent to Wells Fargo ( supporting documentation was also attached ) : " Your assistance is required in correcting the way in which my student loan accounts are being reported to the credit bureaus. Your office has been unable to provide resolution on this matter up to this point. The executive office case number is XXXX. 

I attempted to enter into a modified payment arrangement with Wells Fargo on two student  loans in XX/XX/XXXX, but because the accounts were current, my payment modification request was denied. I became delinquent on my accounts, and both of them were charged off on XX/XX/XXXX. 

Shortly thereafter, I entered into a written payment agreement with Wells Fargo and have been making automatic monthly payments on the 1st of every month. Per the written agreement, payments were first applied to loan XXXX, and once that was paid in full, they were then applied to loan XXXX. Charged off loan XXXX was paid in full on XX/XX/XXXX, and I am currently making payments on loan XXXX. That loan was previously known as loan number XXXX at charge off. 

The above change in loan numbers was completed internally by Wells Fargo earlier this year, and shortly thereafter my credit report was incorrectly updated. You have re-aged both loans, making the delinquencies appear much more current than they actually are. Previous to this change, both loans showed a closed date of XX/XX/XXXX on my credit reports. I am attempting to refinance my home, and when initially pre-qualifying in XX/XX/XXXX, my XXXX  score was XXXX. Since Wells Fargo has incorrectly updated the reporting on my accounts, my score has dropped to a XXXX. 

I have attached documentation regarding the charge off  dates, the written payment agreements, and the payment history since entering into the current agreement with you. 

I have also provided screenshots of the accounts as shown on my credit report, which was pulled by my mortgage company this morning, XX/XX/XXXX. As you can see, both of my Wells Fargo accounts are being reported two times each, and the closed dates, as well as recent payment history, is incorrect. 

Per the Fair Credit Reporting Act, the closed date on charged off accounts is to be reported as the date the loan was originally charged off. The original charge off date on loan XXXX was XX/XX/XXXX. The original charge off date for loan XXXX ( previously known as loan number XXXX ) was also XX/XX/XXXX. Per the FCRA, you are also to report payments as current when being made as part of a written payment agreement. 

I would like to resolve this matter as quickly as possible, and I will seek legal remedies if necessary. Please ensure my credit report is updated properly with all three credit bureaus. The closed dates on both loans should be reporting as XX/XX/XXXX, and they should also note that I am paying as agreed, per the written agreement with Wells Fargo. 

Please follow up with me as soon as possible regarding this matter. 

Sincerely, XXXX XXXX ( XXXX ) XXXX ( XXXX ) XXXX

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