Consumer complaint received 2020-10-29
Product: Student loan — Private student loan
Issue: Dealing with your lender or servicer — Received bad information about your loan
Company: WELLS FARGO & COMPANY (MI)

On XXXX XX/XX/XXXX, XXXX XXXX XXXX, Research Remediation Associate for Wells Fargo, responded to complaint XXXX, and XXXX, attesting that Wells Fargo has billed and reported accurate credit information to the CRAs in compliance with the FCRA. It appears that either MsXXXX XXXX XXXX was either providing false statements to the CFPB or was derelict in examining the information reported by XXXX internal systems because I have billing cycles that do not make any sense. According to Wells Fargo, my first payment for student loans went into repayment on XXXX XX/XX/XXXX with a statement date of XXXX XX/XX/XXXX. The next statement generated by their billing system was generated on XXXX XX/XX/XXXX with a due date of XXXX XX/XX/XXXX. No bill was generated for the period XXXX XX/XX/XXXX thru XXXX XX/XX/XXXX. Each subsequent bill is generated approximately one ( 1 ) month beyond XXXX XX/XX/XXXX : XX/XX/XXXX, XX/XX/XXXX 

Wells Fargo currently reports that my XX/XX/XXXX payment was late by more than thirty ( 30 ) days, yet that is impossible because the XX/XX/XXXX statement was generated on XXXX XX/XX/XXXX with a due date of XXXX XX/XX/XXXX Thus, the payment information that Wells Fargo is reporting to the CRAs is inaccuarte. 

This is serious because Ms. XXXX XXXX, Research Remediation Associate for Wells Fargo, responded to complaint XXXX, and XXXX, attesting that Wells Fargo has billed and reported accurate credit information to the CRAs in compliance with the FCRA despite billing statements that directly refute her statement to the CFPB. Ms. XXXX XXXX additionally asserted that WF considers the matter closed. 
That is, Wells Fargo is willfully reporting inaccurate information for the months of XX/XX/XXXX, XX/XX/XXXX, and XX/XX/XXXX and by doing such As a result, Wells Fargo is engaging in action that constitues the following law violations : ( 1 ) unfair and deceptive practices related to payment allocation in violation of Sections 1031 and 1036 of the Consumer Financial Protection Act of 2010 ( CFPA ), 12 U.S.C. 5531, 5536 ; ( 2 ) unfair practices related to payment aggregation in violation of Sections 1031 and 1036 of the CFPA, 12 U.S.C. 5531, 5536 ; ( 3 ) unlawful practices related to payment aggregation in violation of Section 623 of the Fair Credit Reporting Act ( FCRA ), 15 U.S.C. 1681s-2 ( a ) ( 2 ), and Section 1022.42 of Regulation V, 12 C.F.R. 1022.42 ( a ) ; and ( 4 ) unfair practices related to the assessment of late fees in violation of Sections 1031 and 1036 of the CFPA, 12 U.S.C. 5531, 5536. 

Unfortunately, this is not new behavior for Wells Fargo as the CFPB brought Wells Fargo 's illegal student loan servicing practices to light and announced enforcement action against Wells Fargo on XXXX XX/XX/XXXX. 

Now, under the XXXX XXXX, the CFPB has the authority to take action against institutions engaging in unfair or deceptive practices. One of the terms of the consent order filed against in XX/XX/XXXX mandated that WF must " must remove any negative student loan information that has been inaccurately or incompletely provided to a consumer reporting company. '' In the XXXX XX/XX/XXXX CFPB press release, CFPB Director XXXX XXXX as states, Wells Fargo hit borrowers with illegal fees and deprived others of critical information needed to effectively manage their student loan accounts, Consumers should be able to rely on their servicer to process and credit payments correctly and to provide accurate and timely information and we will continue our work to improve the student loan servicing market. In my case Wells Fargo has charged illegal late fees on my account due to their billing practices stated above, supplied inaccurate and/or incomplete information to the CRAs, and failed to provide timely, accurate information in their billing statements. All of these are in violation of the consent agreement Wells Fargo entered into with the CFPB in late XX/XX/XXXX. 

With a XXXX ( XXXX ) XXXX dollar student loan portfolio, Wells Fargo 's practices continue to harm millions of individuals whose loans they service -- I appear to repeatedly be one of them within the past few months and WF continues to ignore the CFPB consent order.