Consumer complaint received 2024-11-17 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: FL

Complaint narrative:
WELLS FARGO BANK XXXX XXXX XXXX, XXXX MN XXXX NOTICE TO AGENT IS NOTICE TO PRINCIPAL NOTICE TO PRINCIPAL IS NOTICE TO AGENT To whom this may concern this is a response to a letter your company sent me and a notice of failure to provide evidence that you are not breaking the law. This wasnt a request for debt validation but to put on notice your company WELLS FARGO BANK is violating my consumer rights, breaking the IRS TAX REGULATIONS, FDCPA and the FCRA. Your company also is still furnishing inaccurate and incorrect information to the consumer reporting agencies. The report of such inaccurate information has caused severe damages to my character, my reputation, my general mode of living and my ability to obtain credit for personal and household purposes. 

1006.1 Authority, purpose, and coverage.

( a ) Authority. This part, known as Regulation F, is issued by the Bureau of Consumer Financial Protection pursuant to sections 814 ( d ) and 817 of the Fair Debt Collection Practices Act and Dodd-Frank Act. 

Your statement was that your company Wells Fargo was a fair and responsible lender and I should reach out to the credit reporting agency. Please note that these credit reporting agencies, XXXX, XXXX, XXXX and XXXX do not have authority that your company is responsible to follow. Please be advised that there is only one credit bureau and it is the Consumer Financial Protection Bureau and they DO NOT furnish consumer reports as stated by federal law. As a consumer I am fully protected by consumer protection rights federal law. The Dodd-Frank Act granted rulemaking authority under the FDCPA & FCRA to the Consumer Financial Protection Bureau XXXX CFPB ) and, with respect to entities under its jurisdiction, granted authority to the CFPB to supervise for and enforce compliance with the FDCPA & FCRA. 

Charging off a debt due to nonpayment by the definition of the IRS is considered canceled debt still! 
As defined by the IRS. 

Even if you did not receive a form 1099-c, you must report canceled debt as gross ordinary income on your tax return The IRS clearly defines a charge off as gross ordinary income. INCOME DOESN'T GET REPORTED ON YOUR CONSUMER REPORT which in fact makes your reporting of this account inaccurate. 
By definition the IRS clearly says a cancellation or charge off is income. The reporting of this account as debt is inaccurate. You are on record saying that the account balance is still due and The account does not automatically get a 1099c when the account charges off. But federal law and IRS tax regulations says otherwise.

Schedule 1 ( Form 1040 ), line 8c, if the debt is a nonbusiness debt ; Code GDecision or policy to discontinue collection. Code G is used to identify cancellation of debt as a result of a decision or a defined policy of the creditor to discontinue collection activity and cancel the debt. For purposes of this identifiable event, a defined policy includes both a written policy and the creditor 's established business practice. 

The above statement comes directly from the IRS publication of what a charge off is and how its defined and determined. 

26 CFR 1.6050P-1 - Information reporting for discharges of indebtedness by certain entities.

( b ) Date of discharge ( 1 ) In general. Solely for purposes of this section, except as provided in paragraph ( b ) ( 3 ) of this section, indebtedness is discharged on the date of the occurrence of an identifiable event specified in paragraph ( b ) ( 2 ) of this section. 

( G ) A discharge of indebtedness pursuant to a decision by the creditor, or the application of a defined policy of the creditor, to discontinue collection activity and discharge debt. 

( iii ) Decision to discontinue collection activity ; creditor 's defined policy. For purposes of the identifiable event described in paragraph ( b ) ( 2 ) ( i ) ( G ) of this section, a creditor 's defined policy includes both a written policy of the creditor and the creditor 's established business practice. Thus, for example, a creditor 's established practice to discontinue collection activity and abandon debts upon expiration of a particular non-payment period is considered a defined policy for purposes of paragraph ( b ) ( 2 ) ( i ) ( G ) of this section. 

Your company has not confirmed the information provided for this account is accurate. Under the fair debt reporting act your company has failed to report fair and accurate information.

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