Consumer complaint received 2025-10-23 00:00:00
Product: Credit reporting or other personal consumer reports — Credit reporting
Issue: Incorrect information on your report — Account information incorrect
Company: WELLS FARGO & COMPANY
State: TX

Complaint narrative:
In XX/XX/XXXX, Wells Fargo Bank , N.A . issued a written settlement agreement through XXXX XXXX XXXX XXXX XXXX XXXX confirming a structured repayment plan to resolve account ending XXXX. The letter explicitly promised : We intend to discontinue collections. Upon receipt of valid funds, we will update our records to indicate the account is settled reported as settled and charged off for less than the full balance. That sentence established a clear expectation that upon completion of the payment plan, Wells Fargo would report the account as settled in full with no ongoing delinquency or charge-off activity. 

Between XX/XX/XXXX and XX/XX/XXXX, Wells Fargo accepted regular payments totaling {$3100.00} under this supervised debt-management program. On XX/XX/XXXX, Wells Fargo confirmed receipt of the final payment of {$220.00}, explicitly stating : We have received your payment to satisfy the balance for your account we will update our records to indicate the account is settled. 

Despite these clear assurances, Wells Fargo failed to honor its own written commitments. 

It did not update records across the XXXX consumer reporting agencies to reflect settled or paid. 

It continued furnishing charge-off ( CO ) codes through XX/XX/XXXX XXXX months after confirming closure. 

It failed to furnish periodic payment data during the two-year repayment plan, suppressing positive history and misleading creditors about my performance. 

It furnished contradictory statuses ( Paid and Charge-Off ) in violation of FCRA 607 ( b ) ( accuracy ), 623 ( a ) ( 2 ) ( duty to update ), and 623 ( b ) ( 1 ) ( E ) ( requirement to correct ). 

Why This Is More Than an Error This is not a clerical oversight it is a material misrepresentation that erodes consumer trust. 
Wells Fargo represented in writing that the account would be reported as settled and updated, creating reliance by the consumer ( and the third-party law firm administering the program ). The banks subsequent failure to honor that representation constitutes : A violation of FCRA 623 ( a ) ( 1 ) ( A ) ( furnishing information known to be inaccurate ) ; A pattern of negligent or willful noncompliance under XXXX ; and A deceptive act or practice under the Consumer Financial Protection Act ( 12 U.S.C. 5536 ( a ) ( 1 ) ( B ) ), which prohibits misleading statements about credit reporting or debt-resolution outcomes.

CFPB examiners in Supervisory Highlights, Issue XXXX ( Spring XXXX ) identified this same pattern of misconduct : Furnishers provided inaccurate or incomplete information about resolved or settled debts, despite prior representations that accounts would be reported as satisfied or closed. ( p. XXXX ) My case is a textbook example of that finding. 

Evidence : Exhibit XXXX XX/XX/XXXX Settlement Letter XXXX XXXX XXXX / Wells Fargo ) : written promise regarding reporting treatment after settlement. 

Exhibit XXXX XX/XX/XXXX Final Payment Letter : confirms closure and update commitment. 

Exhibit XXXX XXXX XXXX XXXX XXXX  XXXX ( XX/XX/XXXX ) : continue showing XXXX after settlement. 

Exhibit XXXX Payment records ( XXXX ) : demonstrate steady two-year repayment performance. 

Related CFPB complaints have been filed against XXXX XXXX XXXX XXXX for their continued publication of this inaccurate Wells Fargo data.

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