Consumer complaint received 2022-05-16
Company: WELLS FARGO & COMPANY
State: CA
Product: Credit reporting, credit repair services, or other personal consumer reports
Sub-product: Credit reporting
Issue: Incorrect information on your report
Sub-issue: Account information incorrect

Complaint:
I am writing to share my concerns about unscrupulous consumer banking and credit reporting practices of Wells Fargo Bank, XXXX. 


Several years ago, I opened a secured credit card account with Wells Fargo. At the time, I was a Wells Fargo banking customer ( checking and savings accounts ) and a requirement of the secured credit card was that the account holder also have a bank account with the bank. I set up the account so that all correspondence was received electronically via the Wells Fargo online customer portal. Sometime in XXXX, I experienced some issues with my checking account due to a misunderstanding with XXXX policies. As a result my account became overdrawn. Following investigation, the fees were refunded and the account was closed and I received a refund of the net balance held in my account. When the account was closed I sought to access my online banking profile and was not able to access the account. It was my understanding that I was not able to access it due to my account being closed. The consumer portal was the only way I received bank communications. 

In XXXX I became aware that Wells Fargo was reporting a chargeoff account on my credit report. I immediately disputed the charges of {$70.00} through the credit bureaus because I did not believe that I owed any money to the bank as my credit card was secured by a deposit. I also contacted Wells Fargo via letter and telephone. Wells Fargo maintains the information is accurate. I believe that Wells Fargo charged me a late fee and over the limit fee one time and then started reporting this information to the credit bureau. I did not receive a physical bill until I started disputing the issue with Wells Fargo.

After disputing the credit reporting, Wells Fargo sent me a check for monies they owe me. The check was issued three years after my accounts were closed. I have not cashed the check because I want my name cleared and the erroneous reports removed from my credit report. At no point was there ever a cash flow issue on my part. 

Concerns : Wells Fargo wrongfully withheld funds that are owed to me for multiple years while simultaneously reporting my account as a charge off. This is not appropriate and violates the law. I have not cashed the check which amounts to more than what Wells Fargo claims was charged off. 
Wells Fargo reported my account as a chargeoff the same month my checking and savings accounts were closed. I never received an opportunity to even review the bill, let alone pay. Because my account was secured, it was my belief that the credit account was settled by the funds being held in the account. 
Wells Fargo owed me more money than what they report they charge off. The bank should not be allowed to report inaccurate information. This is a violation of the Fair Credit Reporting Act. 
Wells Fargo recordkeeping can not be trusted where they remit a check to me for monies owed more than two years following the closure of my account.

Wells Fargo does not have an objective process for processing customer complaints regarding credit reporting. When I raised this issue with Wells Fargo, no one at the company actually reviewed my case with any consideration of how the error could have occurred. Instead they sought to justify XXXX XXXX actions only. It is as if they are robots reading a script. Sometimes issue resolution requires critical thinkings. It is not okay that Wells Fargo immediately started to report the account as a charge off in the same month that my checking and savings accounts were closed. 
Wells Fargo should take the {$70.00} from the money they owe me and remove all of the chargeoffs from my credit report immediately. How can they be allowed to treat consumers this way? 

I am requesting that the California Attorney General log my complaint because I am sure this represents a systematic error that Wells Fargo should address. I would not be surprised if it represents a pattern of conduct targeting XXXX people. I have given up on communicating with the bank as they are not capable or interested in resolving customer issues and instead seek to maintain the status quo of being a bully bank and horrible corporate citizen preying on Californians.

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