Consumer complaint received 2025-01-17 00:00:00
Product: Credit card — General-purpose credit card or charge card
Issue: Getting a credit card — Application denied
Company: WELLS FARGO & COMPANY
State: NE

Complaint narrative:
Wells Fargo Bank concerning their handling of my credit card application ( Application ID : # XXXX ) and the subsequent adverse action notice dated XX/XX/year>. Based on the notice and the circumstances, I believe Wells Fargo Bank may have violated several federal consumer protection laws, including : 15 U.S.C. 1601 ( Truth in Lending Act - TILA ) 15 U.S.C. 1662 ( c ) ( Misleading Representations in Credit Denials ) 15 U.S.C. 1681 ( Fair Credit Reporting Act - FCRA ) 15 U.S.C. 1691 ( Equal Credit Opportunity Act - ECOA ) Below are the details of the potential violations and my concerns : 1. Violation of 15 U.S.C. 1601 - Truth in Lending Act ( TILA ) The Truth in Lending Act requires creditors to provide clear, accurate, and meaningful disclosures to consumers regarding credit decisions. In this case, the adverse action notice I received included vague and ambiguous reasons for denial, such as : " Too many inquiries or applications for credit in the last 14 days. '' " Credit accounts opened too recently. '' " Amount of credit available on open bank cards. '' These explanations do not provide meaningful or specific information about why my application was denied, leaving me unable to understand or address the decision. 

2. Violation of 15 U.S.C. 1662 ( c ) - Misleading Representations in Credit Advertising and Denials Under 15 U.S.C. 1662 ( c ), creditors are prohibited from making false or misleading representations regarding a consumers creditworthiness or eligibility for credit. The adverse action notice appears to misrepresent my creditworthiness based on : My credit score of XXXX, which is considered " good '' and typically qualifies for credit approval. 
A vague reference to " too many inquiries '' without clarifying whether these inquiries were hard or soft, or their precise impact on the decision. 
These ambiguous and misleading representations make it unclear why I was denied credit despite my strong credit score.

3. Violation of 15 U.S.C. 1681 - Fair Credit Reporting Act ( FCRA ) The Fair Credit Reporting Act governs the use and accuracy of consumer credit information in credit decisions. The adverse action notice states that the decision relied on my credit report from XXXX. However : It does not confirm whether the credit information used was accurate or up-to-date. 
It fails to connect the listed reasons for denial with specific data points in my credit report. 
If the credit report used contained inaccurate or outdated information, this would constitute a violation of my rights under the FCRA. 

4. Violation of 15 U.S.C. 1691 - Equal Credit Opportunity Act ( ECOA ) The Equal Credit Opportunity Act requires creditors to provide specific, actionable reasons for denying credit. The adverse action notice I received uses vague and general language that does not meet the ECOAs requirements for clarity. This lack of specificity prevents me from addressing or resolving the issues cited. Additionally, I am concerned that the decision may not have been based solely on legitimate factors given the arbitrary nature of the reasoning provided. 

Requested Action : I respectfully request the CFPB to investigate Wells Fargo Bank for potential violations of : 15 U.S.C. 1601 ( TILA ) for failure to provide meaningful disclosures regarding credit denials.

15 U.S.C. 1662 ( c ) for misleading representations of my creditworthiness.

15 U.S.C. 1681 ( FCRA ) for reliance on potentially inaccurate or incomplete credit report information.

15 U.S.C. 1691 ( ECOA ) for failure to provide specific and actionable adverse action reasoning.

Additionally, I request assistance in obtaining : A detailed explanation of the credit denial decision.

Assurance that accurate credit information was used in the decision-making process. 
Rectification of any inaccuracies in my credit report, if applicable. 
Attached to this letter are copies of the adverse action notice and related supporting documents for your review. 

Conclusion : As a consumer, I rely on creditors to comply with federal laws and provide accurate, meaningful disclosures. Wells Fargo Banks actions in this matter have left me frustrated and uncertain about how to address their decision. I trust the CFPB will investigate and ensure compliance with consumer protection laws. 

Please do not hesitate to contact me at [ your phone number ] or [ your email address ] for further information. 

Thank you for your time and attention to this matter.

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