Consumer complaint received 2024-06-06
Product: Payday loan, title loan, personal loan, or advance loan — Personal line of credit
Issue: Getting a line of credit — 
Company: WELLS FARGO & COMPANY (WI)

I met with XXXX XXXX XXXX regarding new windows on XX/XX/year>. On that date I signed a contract for {$27000.00} with XXXX for the window installation. I also signed an application for 0 % financing through Wells Fargo Home Projects Credit Card. I was told I had three business days to cancel the transaction. After consideration, I decided I did not want to be tied to the Wells Fargo Credit Agreement where I would be subject to 28.99 % interest on the entire transaction if the purchase balance was not paid in full by the end of the period. On XX/XX/year>, I filled out the Notice of Cancellation and mailed it to XXXX XXXX XXXX. I also called XXXX XXXX XXXX at XXXXXXXX XXXX and left a message that I was cancelling the transaction. The telegram I sent to cancel the transaction was delivered at XXXXXXXX XXXX. PT, and the report of delivery states the telegram was received by XXXX, office assistant, and signed by XXXX, office manager. I paid {$230.00} to XXXX XXXX to have this telegram delivered to ensure I cancelled the transaction prior to midnight on the third business day ( XX/XX/year> ). 

Despite cancelling the transaction within three business days, on Saturday, XX/XX/year>, I received a credit card from Wells Fargo in the name of XXXX XXXX XXXX and my name with a total credit limit of {$32000.00}. I contacted Wells Fargo to inform them the transaction had been cancelled, and I was told I could not close the account because XXXX XXXX XXXX had a pending charge against the account for {$27000.00}. On Monday, XX/XX/year>, I talked to the owner of XXXX XXXX XXXX. I informed him that despite cancelling the transaction by phone, mail, and XXXX  within three business days on XX/XX/year>, on XX/XX/year>, I received a credit card from Wells Fargo in the name of XXXX XXXX XXXX and my name. I told the owner he needed to contact Wells Fargo to cancel the charge against the account so I could close it. I also asked him to contact the credit card companies to reverse the hard inquiry that was made against my credit report. The owner said he was not able to do anything regarding the hard inquiry since the inquiry was made by Wells Fargo. 

I disputed the hard inquiry with XXXX, and Wells Fargo Credit Bureau Dispute Resolution Department responded by letter on XX/XX/year>. Wells Fargo stated in their letter that an application was made on XX/XX/year> and they determined the inquiry was valid. The hard inquiry on my credit report was dated XX/XX/year>. 

On XX/XX/year>, Wells Fargo Retail Services Dispute Department sent a letter in response to my requested to cancel the credit card account. They stated the pending transaction from the merchant has been removed as requested. 

On XX/XX/year>, I received a letter from an Escalations Representative from Wells Fargo Enterprise Complaints Management Office. Regarding the billing dispute, that letter stated the {$27000.00} transaction was successfully disputed and removed as requested, " Your account balance is currently at XXXX, and on XX/XX/year>, we closed your account per your request. '' Regarding the credit inquiry, Wells Fargo would not reverse the hard inquiry, " We received your request to update our inquiry on your consumer report. We made this inquiry on XX/XX/year>, when you applied for the Wells Fargo Home Projects credit card. Because we had your permission to request your consumer report, we're not able to request that the consumer reporting agency update the inquiry on your credit file. '' Part 429.1 The Rule states, " In connection with any door to door sale, it constitutes an unfair and deceptive act or practice for any seller to : ( h ) negotiate, transfer, sell or assign any note or other evidence of indebtedness to a finance company or other third party prior to midnight of the fifth business day following the day the contract was signed or the goods or services were purchased. '' I cancelled the transaction by telephone, mail, and telegram prior to midnight of the third business day. If the law states the seller is not to assign any evidence of indebtedness to a finance company prior to midnight of the fifth business day, this was not a valid inquiry. The credit account should never have been opened. Wells Fargo receives a copy of the applications, they should ensure that the credit is not processed prior to midnight of the fifth business day. This should include any inquiries to the credit bureau.