Consumer complaint received 2016-02-09
Product: Mortgage — Conventional fixed mortgage
Issue: Loan servicing, payments, escrow account — 
Company: WELLS FARGO & COMPANY (GA)

A negative account has been placed on my credit report due to the single late payment on my mortgage with Wells Fargo Home Mortgage for the XXXX XXXX cycle. I have submitted XXXX requests/appeals to the company humbly requesting they remove the negative account from my credit report. They have denied each XXXX. The impact to my credit as a product of this does not match the severity of the mistake and is not reflective of my 10+ year relationship with Wells Fargo as it relates to this mortgage nor does it reflect my broader creditworthiness. I am seeking the CFPB 's assistance in directing Wells Fargo to remove the Negative Account entry from my credit report. 

The cause of the late payment was simply an oversight & mistake on my part given the amount of travel I was doing for work during the month of XXXX coupled with travel related to the XXXX holiday. The missed payment was not due to any liquidity issues or a troubled situation. Upon realizing the mistake, I immediately contacted Wells Fargo customer service, brought the account current and setup the account on auto-debit going forward. I fully recognize my responsibility with respect to payable accounts and have worked diligently to resolve the late payment, communicate clearly with Wells Fargo the cause of the late payment and also put measures in place to make sure this situation does not occur again. I should not be penalized for this on my credit report for the next 7 years. 

My relationship with Wells Fargo as it relates to this property began in XXXX XXXX when Wells Fargo purchased my mortgage from the original mortgage company that underwrote the purchase of my home located in XXXX, XXXX From XXXX XXXX until I refinanced the property with Wells Fargo XXXX XXXX XXXX to take advantage of lower market rates, I maintained a perfect payment history. Since the refinance in XXXX XXXX, I maintained a perfect payment history until a late payment that occurred in XXXX XXXX. To put this in context, I have a payment history of XXXX consecutive payments made on-time and without issue over the last 10+ years of my relationship with Wells Fargo . 

As a product of this single late payment, Wells Fargo Home Mortgage elected to report this to the consumer credit reporting bureaus which resulted in a negative account being placed on my credit report. The impact to my credit score ( FICO ) due to the negative account that was placed on my credit report has been quite severe. Prior to Wells Fargo reporting the single late payment in XXXX XXXX, my XXXX score was at or over XXXX. Following the negative report entry by Wells Fargo, my score has dropped to XXXX. This revised credit score driven by XXXX mistake made over a 10 year relationship with Wells Fargo I fear is going to severely impact my ability to procure future financing. I believe the revised credit score is going to negatively affect my relationship with other existing credit providers as they perform annual or semi-annual checks on my credit. I fear the negative repercussions will be significant such as decreased access to previously committed credit or significant interest rate increases. These I understand are all possible and likely outcomes due to the significant drop in my credit score. 

I am requesting that you direct Wells Fargo to remove the Negative Account entry from my credit report. The severity of the penalty in this situation does not match the cause. I do not feel that my mistake truly represents my creditworthiness and dependability as a borrower. I should not be penalized for this on my credit report for the next 7 years.