Consumer complaint received 2016-09-25
Company: WELLS FARGO & COMPANY
State: CA
Product: Mortgage
Sub-product: Other mortgage
Issue: Credit decision / Underwriting

Complaint:
I am disputing an erroneous notation on my Credit Report by Wells Fargo, stating I have a foreclosure on a home in XXXX. In XXXX I was solicited by Wells Fargo for a Loan Modification ( which I since learned was not permissible, per the Missouri Attorney General 's Office ). I was also asked by the loan officer handling the modification to create a false XXXX from a company I owned, in order to be eligible for the loan. I explained that was illegal and I would not do it. The same loan officer requested the same illegal action a second time on a different day. When I informed her it was illegal, and I would not do it, my loan modification was denied, and I was told I needed to file again, which I did, and later learned that by doing so, Wells Fargo would likely receive a bonus from the Federal Government for an additional new application. In XXXX of XXXX, the loan modification was approved under my threat of charges being filed for the illegal actions by Wells Fargo and I was told the foreclosure they had begun would be removed from my credit report. It was just brought to my attention within the past month that the foreclosure is still showing on my credit report, causing a lower credit score, and in turn, causing insurance rates to be higher for the past 4 years, interest rates on loans such as my car and my credit card with Wells Fargo to be higher, and to be denied a credit card by a different company, as well as denied a home loan so I could sell the home financed by Wells Fargo. Additionally, during the modification process, I was told that my initial home loan and my home equity loan would be consolidated into one loan ( the home equity loan having a very high interest rate ), but upon approval of the modification, I was told the modification only encompassed the original home loan and that I would have to refile and go through the same 10-month process to request a modification of the home equity loan, and that they needed to keep them as two separate accounts. Due to the issues with the modification of the first loan, I did not apply or request modification on the 2nd loan. 

I have made consistent payments on the modification ( copy of bank statement showing auto withdrawals for both mortgage accounts with Wells Fargo attached ) I have been working with my insurance agent to improve my rates for insurance, as shown by the attached, as well, however, they are not able to see WHY the credit rating dropped so drastically, but can only tell me it has, and therefore, my rates increased and coverage decreased ( copies of paperwork for that are attached ), and the denial letter for a new credit card is attached ( I followed up with them only to be told there was a negative statement on my credit report ) and a copy of the credit report run by a different mortgage company in XXXX, when I was first informed why the rating had dropped and that I was ineligible for a loan with a different company other than Wells Fargo.

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