Consumer complaint received 2025-06-22 00:00:00
Product: Debt collection — Credit card debt
Issue: Took or threatened to take negative or legal action — Seized or attempted to seize your property
Company: WELLS FARGO & COMPANY
State: GA

Complaint narrative:
I am submitting this formal complaint against Wells Fargo Bank , N.A . and its legal representatives, The Law Office of XXXX, XXXX, XXXX, XXXX, XXXX XXXX XXXX, for deceptive financial practices, concealment of securitization activity, and improper legal action concerning a credit card account no longer legally owned by Wells Fargo. 

Wells Fargo has securitized my credit card accountas admitted in their own XXXX prospectusby transferring the receivable into a trust for the purpose of issuing XXXX Securities ( ABS ) to third-party investors. These securities are actively traded on secondary markets. Upon transfer, Wells Fargo forfeits ownership of the account under XXXX XXXX, and yet they continue to collect payments, report to credit bureaus, and, most critically, file lawsuits against consumers like me. 

Their own prospectus discloses : The trust assets will consist primarily of receivables arising in a portfolio of designated XXXX and XXXX credit card accounts that have been originated or acquired by Wells Fargo Bank. 
From time to time, Wells Fargo Bank may, subject to certain conditions, designate additional accounts to be included in the trust portfolio. 
Investors will have no recourse to any assets of Wells Fargo Bank or its affiliates other than the trust assets. 

Despite these admissions, XXXX XXXX. XXXX was filed against me in Georgia by their counsel, falsely representing Wells Fargo as the current creditor. This lawsuit is fraudulent, constitutes abuse of process, and violates my consumer rights and due process. 

Furthermore, my payments toward this securitized account have been retained by Wells Fargo and not remitted or disclosed as proceeds to the trust investors, which constitutes unjust enrichment and constructive fraud. I was never told my account would be securitized, nor did I give permission for Wells Fargo to sell, monetize, or assign my financial obligation to a trust. 

Violations Include : Truth in Lending Act ( TILA ), 15 U.S.C. 1601 et seq. Failure to disclose that the debt would be pooled, sold, and securitized. 

Fair Credit Reporting Act ( FCRA ), 15 U.S.C. 1681s-2 ( b ) Inaccurate and misleading reporting on an account no longer owned. 

Gramm-Leach-Bliley Act ( GLBA ), 15 U.S.C. 68016809 ; 12 C.F.R. 1016 ( Reg. P ) Sharing of nonpublic personal financial information with trust investors and third parties without consent. 

Unfair, Deceptive, or Abusive Acts or Practices ( UDAAP ) under Dodd-Frank Wall Street Reform Act, 12 U.S.C. 5531 & 5536 Securitizing the obligation, profiting from its sale, and continuing to collect and sue as if ownership were retained.

Uniform Commercial Code ( UCC ) 3-301, 9-210, 9-404 Enforcing an obligation that has been transferred without disclosing chain of assignment or right to enforce. 

XXXX & XXXX Amendments of the XXXX Constitution Violation of due process and deprivation of property rights without notice or remedy. 

Additionally, The Law Office of XXXX, XXXX, XXXX, XXXX, & XXXX XXXX. aided in the filing of this fraudulent lawsuit, thereby becoming complicit in misrepresenting creditor status to the Georgia courts. 

Requested Relief : Immediate investigation into Wells Fargos failure to disclose securitization and transfer of account ownership.

Sanctions against Wells Fargo for misrepresenting creditor status in debt collection.

Order Wells Fargo to return all payments made post-securitization with interest.

Require full discharge of the account, removal of negative credit reporting, and prohibition of further collection efforts on securitized obligations.

Refer this matter for enforcement action to the DOJ and SEC.

Public disclosure of Wells Fargos securitization and enforcement practices. 

Dismissal of all lawsuits filed on accounts Wells Fargo no longer owns, including XXXX XXXX. XXXX. 

This is not merely a billing disputeit is a systemic scheme to deceive regulators, courts, and consumers by continuing to act as a creditor while hiding the securitization of debts. I request immediate investigation and relief.

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