Consumer complaint received 2024-09-13
Product: Student loan — Private student loan
Issue: Dealing with your lender or servicer — Need information about your loan balance or loan terms
Company: WELLS FARGO & COMPANY (TX)

In XXXX, Wells Fargo and XXXX XXXX XXXX XXXX XXXX XXXX  forced me into signing student loan agreements. Since then, I have repeatedly requested loan information for all three of my student loans, yet Wells Fargo has failed to provide complete documentation. Additionally, my payments have not been correctly applied, and there are inaccuracies in my car loan information. These errors have severely damaged my financial standing and prevented me from securing a home loan. 

Wells Fargos mishandling of my loans has resulted in numerous violations of federal law, including : XXXX XXXX XXXX XXXX  and Consumer Protection Act ( 12 U.S.C. 5531 ) Wells Fargo engaged in unfair and deceptive practices by providing misleading information and mishandling my payments. These actions violate Section 1036 ( a ) ( 1 ) ( B ) of the XXXX XXXX, which prohibits financial institutions from engaging in practices that harm consumers. Wells Fargos failure to process my payments correctly and provide accurate loan information is a clear breach of these legal standards.

Fair Credit Reporting Act ( FCRA ), 15 U.S.C. 1681 Wells Fargo violated the FCRA by failing to report accurate information to credit agencies, as required by 15 U.S.C. 1681s-2. The errors on my student and car loans have directly impacted my credit score, causing me to be denied other credit, including for a home loan. Despite my requests for correction, Wells Fargo has neglected its legal duty to ensure that my credit report reflects accurate and up-to-date information.

Equal Credit Opportunity Act ( ECOA ), 15 U.S.C. 1691 Wells Fargos discriminatory practices violate the Equal Credit Opportunity Act. As a XXXX XXXX, I have been subjected to unequal treatment. Wells Fargos refusal to address my concerns and correct the misinformation on my credit report constitutes unlawful discrimination under ECOA. The law requires financial institutions to treat all borrowers equally, and Wells Fargo has clearly failed to meet this obligation.

Truth in Lending Act ( TILA ), 15 U.S.C. 1601 Wells Fargo violated the Truth in Lending Act ( TILA ) by failing to provide accurate disclosures regarding my loan terms and payment obligations. TILA requires lenders to disclose clear and accurate information about loans, and Wells Fargos failure to do so has left me in the dark about my financial responsibilities. This is a direct breach of TILAs disclosure requirements and has caused significant confusion and financial harm.

Electronic Fund Transfer Act ( EFTA ), 15 U.S.C. 1693 Wells Fargo failed to comply with the Electronic Fund Transfer Act ( EFTA ) by mishandling my electronic payments. Under XXXX XXXX, Wells Fargo is required to investigate and correct payment errors promptly. By refusing to correct misapplied payments, Wells Fargo has violated my rights under this law and further damaged my financial standing. 

Fair Debt Collection Practices Act ( FDCPA ), 15 U.S.C. 1692 Although aimed at third-party debt collectors, Wells Fargo violated the Fair Debt Collection Practices Act ( FDCPA ) by misrepresenting the amounts owed on my loans and incorrectly applying payments. Misleading communication about my debt obligations is illegal under the FDCPA.