Consumer complaint received 2017-10-24
Company: WELLS FARGO & COMPANY
State: NY
Product: Payday loan, title loan, or personal loan
Sub-product: Installment loan
Issue: Incorrect information on your report
Sub-issue: Account status incorrect

Complaint:
Dear Sir or Madam, I am contacting you to inform you that Wells Fargo engages in bullying tactics to frighten and silence consumers. This is a shameful and unacceptable practice which must be stopped immediately. 

I discovered in XXXX XXXX that a late payment was reported to my credit report by Wells Fargo. This occurred in spite of the fact that I never received any billing statement in the mail. 

I contacted Wells Fargo the very same day, to inform them that I had never received a statement from them. They admitted that they did not have my address on file ( see attached document confirming their incorrect records and update of information ). 

I also informed that my payments had been made before the derogatory credit info was sent to the credit bureaus and asked them to remove the late payments from my record. They transferred me to a myriad of departments, I was given the run around by several different people until eventually a representative informed me that they would remediate it with the credit bureau within 30 days. 

However, instead of correcting the issue - Wells Fargo exacerbated the problem the next day and in the days to follow by sending alerts to the all three credit bureaus after my phone call to them - by placing flags/disputes on my account with the credit reporting agencies without my permission. I have attached proof of that Wells Fargo flagged my account at the Credit Bureaus on XXXX, after my phone call to them. 

I called Wells Fargo again a few days later to inform them of my concerns and was assured that it would be taken care of within 30 days. 

Unfortunately, Wells Fargo was not honest with me and they did NOT investigate or correct their error. Instead they sent me a menacing letter dated XXXX XXXX ( see attached ), in which they admitted that after I contacted them, they flagged my account at all Credit Bureau with a Compliance Condition Code this is a conclusive remark stating that my concerns had been resolved even though when they placed those flags ( on XXXX/XXXX/XXXX etc. ) they obviously had NOT conducted an investigation of my concerns - within the short time span of one day. 

Further, in a reprehensible attempt to intimidate me, Well Fargo threatened to leave this negative mark on my credit record, which could harm my future opportunities with potential credit grantors - unless I write them a letter that agrees that the misinformation on my credit report was accurate and essentially validate their inappropriate behavior. 

Wells Fargo employs coercive tactics that are meant to frighten consumers instead of helping them. This is a disgraceful and inexcusable system which must be stopped. 

By failing to correct the information reported on my credit report, Wells Fargo is in violation of Section 623 ( a ) ( 2 ) of the FCRA. The advisory opinion states that the Section 623 ( a ) ( 2 ) of the FCRA addresses the duty to correct and update information by furnishers, or persons who furnish information to consumer reporting agencies ( CRA ) such as credit bureaus. In particular, this section requires a person that has furnished to a consumer reporting agency information that the person determines is not complete or accurate to promptly notify the consumer reporting agency of that determination and provide any information needed to make it complete and accurate. Thus, on its face, this provision requires a furnisher to provide corrected or updated information to the consumer reporting agency that it had reported to originally. This duty extends to all loan accounts reported to CRAs. 

Furthermore, Wells Fargo is similarly in violation of Section 623 ( a ) ( 7 ) of the FCRA which requires it to inform consumers about negative information placed on a consumer 's credit report within 30 days. I have NEVER received a statement from Wells Fargo nor notification of a late payment on my credit report. 

I am therefore requesting that in compliance with Section 623 of the FCRA that my account records showing late payments in XXXX XXXX and Compliance Condition Code be removed immediately.

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