Consumer complaint received 2025-01-24 00:00:00
Product: Debt collection — Credit card debt
Issue: Attempts to collect debt not owed — Debt was paid
Company: WELLS FARGO & COMPANY
State: AZ

Complaint narrative:
I am writing to formally dispute the information reported by Wells Fargo on my consumer credit report and to address what I believe are misleading representations regarding the ownership and status of a debt associated with my account. This letter also serves to clarify my concerns regarding the securitization of this debt and its impact on your reporting practices. 

Background : The debt in question was initially assigned to Wells Fargo as a servicer. 

Publicly available information, including Wells Fargos SEC filings, suggests that this debt was subsequently securitized and sold to investors via a trust.

Despite no longer owning the debt, Wells Fargo continues to represent itself as the creditor on my consumer credit report, which is false and misleading.

The associated trust, Wells Fargo Asset Securities Corporation Trust 2012-3 , with EIN 41-0449260 , is now the actual owner of the debt. The president of the trust is [ Insert President 's Name, if available ]. 

Dispute Details : Wells Fargo has continued to send statements, claiming this validates the debt. However, under applicable law, the mere provision of account statements does not constitute sufficient validation of a debt. In Spears v. Brennan, 745 N.E.2d 862 ( Ind. Ct. App. 2001 ), the court clarified that debt validation requires more than sending account statements ; it necessitates substantive proof of the debt 's validity and the creditors right to collect. 

Furthermore, Wells Fargo persistently uses the term " account '' in its communications, avoiding the term " debt. '' The term " debt '' is specifically defined under the Fair Debt Collection Practices Act ( FDCPA ), 15 U.S.C. 1692a ( 5 ), as " any obligation or alleged obligation of a consumer to pay money arising out of a transaction... primarily for personal, family, or household purposes. '' The FDCPA does not define " account, '' rendering Wells Fargos terminology misleading and inconsistent with the statutory framework.

These practices, including the failure to validate the debt in compliance with 15 U.S.C. 1692g ( b ), are both deceptive and violative of the FDCPA.

Case Law Supporting My Dispute : Spears v. Brennan, 745 N.E.2d 862 ( Ind. Ct. App. 2001 ) : This case underscores that debt validation requires more than providing account statements and must include proof of the debts validity and the right to collect.

Haddad v. Alexander, Zelmanski, Danner & Fioritto, PLLC, 758 F.3d 777 ( 6th Cir. 2014 ) : Reinforces that debt collectors must provide sufficient evidence to validate a disputed debt, ensuring transparency and accuracy.

Clark v. Capital Credit & Collection Services , Inc., 460 F.3d 1162 ( 9th Cir. 2006 ) : Highlights the importance of adhering to the statutory definitions within the FDCPA to avoid misleading consumers.

Requested Action : I respectfully request that Wells Fargo : Conduct a thorough investigation of this matter and correct the inaccuracies on my consumer credit report.

Provide substantive validation of the debt in compliance with the FDCPA, including evidence of Wells Fargos legal right to collect.

Cease using misleading terminology such as " account '' and correctly identify the obligation as a " debt '' under the FDCPAs definitions.

Cease any further misrepresentation of Wells Fargo as the creditor if the debt is now owned by Wells Fargo Asset Securities Corporation Trust 2012-3 or any other entity.

Supporting References : Wells Fargos Form 10-K filings and other SEC disclosures highlight the securitization of consumer debts and the role of associated trusts. 

Case law supports the assertion that account statements do not validate a debt and that compliance with statutory definitions is essential. 

Conclusion : I expect a resolution to this matter within 30 days as stipulated by the FCRA. Failure to address this issue may compel me to pursue further action, including filing a complaint with the Consumer Financial Protection Bureau ( CFPB ) or initiating legal proceedings. 

Please acknowledge receipt of this dispute and provide updates on the status of your investigation.

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