Consumer complaint received 2023-09-07
Company: WELLS FARGO & COMPANY
State: FL
Product: Credit reporting or other personal consumer reports
Sub-product: Credit reporting
Issue: Improper use of your report
Sub-issue: Reporting company used your report improperly

Complaint:
WELLS FARGO CREDIT SERVICES is reporting taxable income to my consumer report along with transactions such as late payments without my written consent. Wells Fargo you are furnishing incorrect and inaccurate to the consumer reporting agencies.

The reporting of such information has caused severe damage to my character, my reputation, my general mode of living and my ability to obtain credit for personal and housing purposes.

This inaccurate reporting has damaged my livelihood.

15 U.S. Code 1681s2 - Responsibilities of furnishers of information to consumer reporting agencies ( a ) Duty of furnishers of information to provide accurate information ( 1 ) Prohibition ( A ) Reporting information with actual knowledge of errors A person shall not furnish any information relating to a consumer to any consumer reporting agency if the person knows or has reasonable cause to believe that the information is inaccurate.

As defined by the IRS Duty : A Moral or legal obligation ; a responsibility Accurate : Correct in all details ; exact Prohibition : a law or regulation forbidding something As defined by The IRS Even if you did not receive a form 1099-C, you must report canceled debt as gross income on your tax return.

The IRS clearly defines a charge off as Gross or Ordinary income. INCOME DOES NOT GET REPORTED ON THE CONSUMER REPORT. 

By definition, The IRS clearly states a charge off is income. The reporting of this account as a DEBT is inaccurate. 

15 USC 1681 S-2 states that, Wells Fargo , are a furnisher of information to a reporting agency.

You are PROHIBITED BY LAW to furnish inaccurate information. 

15 U.S. Code 1681s2 ( a ) ( 1 ) ( A ) - Responsibilities of furnishers of information to consumer reporting agencies A person shall not furnish any information relating to a consumer to any consumer reporting agency if the person knows or has reasonable cause to believe that the information is inaccurate.

I have already given them notice on multiple occasions that they are reporting inaccurate information and it has not been removed from my consumer report.

The lender must file Form 1099-C and send you a copy if the amount of debt cancelled is {$600.00} or more and the lender is a financial institution, credit union , federal government agency or other applicable agency as stated in chapter 1.

The above paragraph is taken directly from The IRS 2021 publication.

15 U.S. Code 1681s2 - Responsibilities of furnishers of information to consumer reporting agencies ( B ) Reporting information after notice and confirmation of errors A person shall not furnish information relating to a consumer to any consumer reporting agency if ( i ) the person has been notified by the consumer, at the address specified by the person for such notices, that specific information is inaccurate ; and ( ii ) the information is, in fact, inaccurate.

In conclusion, I have shown how the information is, in fact, inaccurate.

The continued reporting of this inaccurate information is a clear violation of Law 15 USC 1681 s-2 of your responsibilities as a furnisher of information.

They have caused myself and my family harm due to your negligence and inaccurate reporting. 

Furthermore, the FAIR CREDIT REPORTING ACT 15 USC 1681 ( 2 ) ( a ) ( i ) Exclusions from a consumer credit report clearly states : ( 2 ) Exclusions. Except as provided in paragraph ( 3 ), the term consumer report does not include ( A ) subject to section 1681s3 of this title, any ( i ) report containing information solely as to transactions or experiences between the consumer and the person making the report ; Delete the above late payments from my consumer report, this agency is in violation of 15 USC 1681. A late payment is not a debt.

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