Consumer complaint received 2018-06-18 00:00:00
Product: Debt collection — Credit card debt
Issue: Took or threatened to take negative or legal action — Threatened or suggested your credit would be damaged
Company: WELLS FARGO & COMPANY
State: IL

Complaint narrative:
Hello, I received a letter on XX/XX/18 stating that as of XX/XX/18 my entire account balance of XXXX became immediately due and owing. They also said they reported it to the consumer reporting agencies ( also known as credit bureaus ) as " unpaid balance reported as a loss ( charge-off ) by credit grantor. 

I only had three payments left ( XXXX ) and I had been paying for the past six months. I missed two payments last winter when my business failed. Why would they destroy my credit with a charge-off when I have three payments left? In fact, I had just sent them a payment through bill pay the morning I received this letter, making it only TWO payments left. But I stopped that payment until I could talk to someone about their completely unfair decision to charge-off. I looked up charge-off, because I was sure it was for non-payment and I have been paying every month, more than my regular payment, not a lot more but it was obvious I was trying to take care of this. This is the definition : A charge-off or chargeoff is the declaration by a creditor ( usually a credit card account ) that an amount of debt is unlikely to be collected. This occurs when a consumer becomes severely delinquent on a debt. Traditionally, creditors will make this declaration at the point of six months without payment. 

Six months. Not someone who has been paying regularly for months and only missed two payments last winter. What about all of the payments I DID get to them? Those are the only two payments I've ever missed. I was paying extra toward them each month and they're doing a charge-off. 

It should also be noted that they made it increasingly difficult for me to make a payment. I couldn't pay online anymore. So I had to go to a branch. In XXXX, the branch couldn't accept my payment and they didn't even know why. They were unable to find out why through their own company, Wells Fargo. So I was told I could go to my own bank, XXXX XXXX XXXX XXXX, which is at the airport, but I was driving out of state within the half hour or they said I could go to XXXX and wire money through XXXX XXXX. I've never done anything through XXXX XXXX. It sounded ridiculous for an auto loan payment I'd been making for several years. I originally financed this auto through XXXX XXXX, not realizing that I could do better. When I refinanced through Wells Fargo, they also insisted that I borrow an additional XXXX, because they said they would not work with a loan under XXXX, which seemed underhanded and to me but I agreed. 

I finally figured out how to get a payment to them through bill pay on my bank account with XXXX and sent it right off. 

This feels like a systematic procedure they have in place to torment and harm a customer 's credit. How are they benefitting by doing a charge-off? They must be benefitting in some way. 

I will be debt-free at the end of this year. I have worked so hard at this and was about to begin rebuilding my credit. Now I will have a charge-off on my credit report after paying this institution to the best of my ability for the past several years. I was in the home stretch with just three payments left. This is a deceitful institution. 

Sincerely, XXXX XXXX

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with explanation