Consumer complaint received 2023-11-16
Company: WELLS FARGO & COMPANY
State: PA
Product: Credit reporting or other personal consumer reports
Sub-product: Credit reporting
Issue: Problem with a company's investigation into an existing problem
Sub-issue: Their investigation did not fix an error on your report

Complaint:
The existence of a derogatory rating on my account is causing me significant concern. I am deeply worried about its potential impact on my credit. It has already resulted in the denial of a recent loan application and an increase in the interest rates on my existing credit accounts. I want to emphasize the severe financial and emotional distress that this negative rating has caused me and will continue to cause until it is resolved. In WELLS FARGO terms and conditions they agreed not to share my personal nonpublic financial information with non affiliates. XXXX, XXXX and XXXX is not an affiliate of WELLS FARGO nor a " bureau '' as they have stated. The only true credit bureau is the CFPB and they DO NOT furnish consumer reports. In reference to the Wells Fargo Account # XXXX. I wrote Wells Fargo a letter informing them of their inaccurate reporting of an account on my consumer reports. Wells Fargo is in violation of multiple laws set forth by Congress. 15 U.S. Code 1681a ( 2 ) ( a ) ( i ) states that the consumer report does not include information solely as to transactions or experiences ( payment history, charge off status ), between the consumer ( myself ) and the person ( Wells Fargo ) making the report. Additionally, 15 U.S. Code 1681 s-2 ( a ) ( 1 ) ( A ) states that A person ( Wells Fargo ) shall not furnish any information relating to a consumer ( ME ) to any consumer reporting agency such as XXXX, XXXX, and XXXX if the person knows or has reasonable cause to believe that the information is inaccurate. The IRS Clearly defines a charge off/Canceled debt as Gross or Ordinary income, INCOME DOES NOT GET REPORTED ON THE CONSUMER REPORT which in fact makes reporting of this account inaccurate! By Definition, the IRS Clearly says a Cancelled debt or Charge off is Income. The reporting of this account as a debt is inaccurate. I never received a 1099-C from WELLS FARGO for the cancelled debt of { {$3400.00} } in order to file as ordinary income. Where is my 1099-C Wells Fargo is clearly writing off debt with the IRS without sending out 1099-C as required by the IRS for debts greater than { {$600.00} }. This is unsatisfactory! Wells Fargo has been HEREBY PUT ON NOTICE that they are furnishing incorrect inaccurate information, and as such I shall also point out their responsibility pursuant 15 U.S. Code section 1681s-2 ( a ) ( 1 ) ( B ) ( ii ) : ( a ) DUTY OF FURNISHERS OF INFORMATION TO PROVIDE ACCURATE INFORMATION XXXX ) PROHIBITION ( 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.

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