Consumer complaint received 2024-10-17
Product: Credit reporting or other personal consumer reports — Credit reporting
Issue: Problem with a company's investigation into an existing problem — Problem with personal statement of dispute
Company: WELLS FARGO & COMPANY (NJ)

Re : NOTICE OF INTENT TO SUE ; Formal Demand for Full Account Disclosure and Ledger Transparency, Certified Verification of Alleged Debt, Cease and Desist Any and All Consumer Reporting in Perpetuity of the Inaccuracy and Incompleteness of Account Ending : XXXX to Any and All Consumer Reporting Agencies Dear Sir/Madam : I write to you with grave concern regarding the continued and deliberate failure of Wells Fargo XXXX XXXX XXXX XXXX XXXX to address the serious matters I have raised in previous correspondence. XXXX  silence and refusal to engage with these substantive issues constitute a breach of good faith, trust and transparency, fundamental principles that should guide any reputable financial institution. 

Despite my repeated demands, XXXX has failed to provide a true and accurate bill, nor has XXXX disclosed the full journal, XXXX, double-entry bookkeeping of the general account ledger or provided the XXXX  number ( s ) associated with the account. As the master beneficiary and registered owner of this account, I have an unequivocal right to inspect the demanded records, including all underlying accounting information, to verify that the financial statements and ledgers related to my account are accurate, balanced, and free from errors or discrepancies. It is deeply troubling that this lawful demand continues to be ignored, raising serious questions about XXXX  commitment to transparency. 

Instead of complying with these reasonable and lawful demands, XXXX has persisted in sending generic, computer-generated stall letters that provide no meaningful response. I must ask : why does XXXX consistently refuse to have a qualified individuala man or woman who can swear under oath or by affidavit under penalty of perjurycertify that there is a legitimate debt owed on this account, along with substantiating documentation of the balance claimed to be due? The lack of an appropriate response raises significant concerns about whether XXXX is acting with transparency and integrity, or whether it is, in fact, engaged in conduct designed to deceive. 

XXXX  continued failure to provide the demanded records, in accordance with Generally Accepted Accounting Principles ( GAAP ) and pursuant to U.C.C. 9-210, suggests either a deliberate refusal to comply or an inability to substantiate the claims being made against me. This lack of transparency and apparent unwillingness to act in good faith strongly suggests malicious intent and fraud by deception. 

Let this letter serve as formal notice that if XXXX continues to act in dishonor and refuses to provide the full records and entries of accounting, along with XXXX  number ( XXXX ) as demanded, certified and signed under seal by an authorized agent or representative, under penalty of perjury, I will have no choice but to pursue all available legal remedies which will compel XXXX to produce said documents and proof of claim in a court of law. XXXX  refusal to provide these documents and to engage in transparent, good faith dealings has caused, and continues to cause me significant harm, injury and damages. I will not hesitate to hold XXXX  accountable in a court of law and seek redress. 

Furthermore, in response to XXXX  recent communication via XXXX XXXX XXXX dated XX/XX/XXXX concerning the alleged debt associated with the above-referenced account XXXX  claims to have in fact, confirmed to be validated with absolutely no verifiable evidence or proof to substantiate XXXX  position or claim. I would like to formally dispute the validity of the alleged debt and XXXX  use of billing statements as sufficient evidence of the alleged amount claimed to be owed. 

It has been well-established in numerous court decisions that mere credit card billing statements do not constitute valid or sufficient evidence of a debt owed. In particular, courts have ruled that billing statements alone fail to meet the burden of proof required to substantiate the existence or amount of a debt. The following cases support this position : XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX : The XXXX  Supreme Court held that credit card billing statements alone were insufficient to prove a debt. The court emphasized the need for the creditor to present a signed credit agreement or evidence of the underlying contract. 
XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX : The court ruled that billing statements were not enough to establish a valid debt, especially without a signed contract or other evidence proving that the defendant had agreed to the terms of the debt. 
XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX : The court found that credit card statements were insufficient to prove a debt existed without documentation showing the defendants consent to the credit agreement. 
XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX : This case reaffirmed that billing statements without further documentation, such as a signed agreement, are inadequate to establish the validity of a debt claim. 
XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX : The court ruled that credit card billing statements alone did not establish the terms of the credit agreement or the debtors responsibility to pay under those terms. 
Given the legal precedent established in the above cases, I respectfully demand that XXXX provide valid and sufficient evidence to substantiate the alleged debt, including but not limited to : A copy of the original signed credit agreement, and certified documentation of the proof of funds that created the money/credit on account ( credit/trade line ) . 
Certified documentation showing a lawful binding contract between both parties with certified authorization and wet ink signatures of the parties agreeing to the terms and conditions governing the account. 
Certified documentation of the XXXX  number ( XXXX ) associated with the account ending in XXXX. 
The 1099-OID that confirms XXXX  to be the original issuer of the funds and/or credit and me to be the recipient of the funds and/or credit. 
The 1099-C or any other tax forms, that XXXX has reported, or is failing to report the account as a charge-off but not reporting the taxes to the Internal Revenue Service of the interest and income XXXX  is collecting. 
Any and all UCC-1, UCC-3 filings confirming who the Debtor and who the Secured Party are in the matter of the account in question.

Any and all documents by and between XXXX and the Federal Reserve Discount Window for any and all application ( s ) for notes in accordance with Federal Reserve Act Section 16 ( 2 ) - Application for notes by Federal Reserve banks pertaining to the account in question.

Certified documentation in accordance with Generally Accepted Accounting Principles ( GAAP ) and pursuant to U.C.C. 9-210 of the journal, T-balance, double-entry bookkeeping records of the general accounting ledger ( s ) showing all records and evidence of accounts payable, accounts receivables, debit and credit entries.

Please note that I am asserting my rights under the Fair Debt Collection Practices Act ( FDCPA ) and other applicable laws, which require that you cease any and all collection and reporting activities until such evidence is provided.

With that in mind, I also want to point out that the consumer information ( trade line ) being reported by XXXX as the responsible data furnisher to the Consumer Reporting Agencies is not being accurately reported and is causing me harm, damage and injury by not being able to acquire goods and services needed for personal, family and household use/purposes. Upon WCFs abrupt and unwarranted closure of the account ( trade line ), the now closed account ( trade line ) is still reporting an alleged remaining balance of {$6800.00} that XXXX Charged-Off and is being adversely reported on my credit report as a Charged-Off account. 

As you are aware, XXXX, as well as all other businesses lawfully acting in commerce utilizes the IRS form 1099-C Cancellation of Debt for the remaining debt obligation not recovered from defaulted credit cards. From speaking with both Certified Public Accountants and the IRS directly, regarding tax obligations, such an IRS form is then reported as INCOME and not as a DEBT on a consumer 's tax filing requirements. While the business can cancel/write-off the account receivable as a BAD DEBT and receive a tax deduction as mentioned in the IRS Topic 453. 

This current issue of XXXX  furnishing this inaccurate information on my consumer credit report is clearly not only going against the rules of construction in the area of exclusions per 15 U.S.C. 1681a ( d ), ( d ) ( 2 ) ( A ) ( i ), ( ii ), ( iii ) of reports containing information solely as to transactions or experiences between the consumer and the person making the report. This inaccurate information as to what the IRS Publication 4681 defines as Income and not Debt is being furnished to third party data furnishers as well. 

Perhaps this is a small oversight that XXXX is not aware of and can address quickly at no cost by submitting a request to XXXX, XXXX, XXXX, XXXX, etc to remove this inaccurate derogatory account from my credit profile since the DEBT has been canceled and reported as INCOME as well as to stop the current harm, injury and damage so that I can continue to prosper in my journey of Life, Liberty and Pursuit of Happiness, the fundamentally protected rights guarded and guaranteed by the Declaration of Independence and Constitutions Bill of Rights, the bedrock and cornerstones of this great nation. 

If for some reason, this is not the correct understanding of the exclusions part in the construction of a consumers credit report with accurate information and the correct IRS reporting of a Debt charged-off and reported as Income, I would appreciate XXXX letting me know, with accurate supporting details, so that I can be a better informed consumer and honest taxpayer. 

Furthermore, upon the transfer and securitization of the credit card receivables ( asset-backed security ), the issuer, XXXX ceases to be the holder in due course, relinquishing its legal standing to enforce payment from the account holder. This is because, through the securitization process, the issuer, XXXX, conveys and transfers its rights, titles, and interest in the accounts receivable to the trust or Special Purpose Vehicle ( SPV ), which now holds the legal claim to those assets. 

Consequently, any attempt by the issuer, XXXX, to enforce payment directly from the account holder would be unlawful and a misrepresentation, as the issuer, XXXX no longer possesses the accounts receivable ( asset-back security ) and has waived all of its rights associated with them upon their transfer. This transfer removes the issuers, XXXX, authority to claim or collect on the debt, rendering any further attempts to do so without proper legal standing. 

Please be advised that, due to XXXX  failure to properly report the income associated with the charge-off of my account and XXXX  failure to issue a Form 1099-C, I will be forced to notify and instruct the IRS to conduct an audit of this account. It appears that XXXX has not fulfilled its obligation to report the cancellation of debt as income to both myself and the IRS, which has prevented me from appropriately accounting for the tax liability related to this unreported income. This lack of proper reporting is a serious matter, and I am taking steps to ensure that it is fully investigated and that all parties comply with their legal responsibilities regarding the accurate reporting of canceled debts. 

This notice constitutes XXXX 's final opportunity to provide the demanded documentation within fifteen ( XXXX ) days of the date of this notice. Failure to comply will result in the immediate initiation of legal action. The preponderance of evidence indicating fraud and theft by deception, carried out with malicious intent to harm, damage, and injure, is now apparent. Should legal proceedings become necessary, this evidence will be presented as admissible proof of XXXX  actions.