Consumer complaint received 2015-10-16 00:00:00
Product: Mortgage — Home equity loan or line of credit
Issue: Loan servicing, payments, escrow account — 
Company: WELLS FARGO & COMPANY
State: IL

Complaint narrative:
I am requesting the CFPB take action against Wells Fargo for posting false information on my credit report. They should be fined as the following precedent in XXXX of XXXX - XXXX Fined {$2.00} XXXX for Knowingly Providing Inaccurate Information to Credit Reporting Agencies for Years XXXX To quote the article - " XXXX showed careless disregard for its customers ' financial lives by knowingly distorting their credit profiles for years, '' said CFPB Director XXXX XXXX. " Companies can not pass the buck by blaming a computer system or vendor for their mistakes. Today 's action sends a signal that the CFPB will hold companies accountable for sending inaccurate information to credit reporting agencies. " Here is my situation and harm caused by Wells Fargo : XXXX XXXX, I bought a condo via Well 's Fargo Mortgage for $ XXXX and $ XXXX line of credit. *Wells Fargo lost a class action lawsuit in XXXX and as a result my home equity loan for $ XXXX was absorbed and dismissed. However, as noted in my attached credit report, Wells Fargo is reporting that the $ XXXX was discharged through bankruptcy, leaving the impression that I walked away from the loan. As stated above, this is FALSE information. 
I began working with a credit repair company at the beginning of the year to resolve this issue however their attempts to make headway with Wells Fargo have come to an impass. I have decided to take matters into my own hands. I have a wife and XXXX daughter and would like to acquire another mortgage to purchase us our first family home. We currently have a tenant living in our condo paying rent to cover my existing mortgage. In order to qualify for a new loan, our lender is asking that we provide a letter from Wells Fargo clarifying this discrepancy. 
My attempts to resolve this issue with Wells Fargo and to obtain said letter have been slow and painful : *On XXXX/XXXX/XXXX I spoke with a Wells Fargo customer service rep who confirmed that I did not have to pay the XXXX line of credit. I was informed that the class action lawsuit mandated Wells Fargo to remove the loan documentation from their systems. It does not show up on my Wells Fargo internet account. 
*On XXXX/XXXX/XXXX I requested this letter via phone and a Wells Fargo Agent told me to send my request via fax to Wells Fargo 's fax # XXXX XXXX see attachment - includes correspondence and fax confirmation ). The next day, I received a call from XXXX XXXX, from the Office of the President - Home Equity Division. She said I was 100 % correct and confirmed that she would send out the documentation in 48 hours. I have been waiting for 2 weeks for this documentation and followed up with XXXX emails and multiple phone calls with no response. 

As a result of Wells Fargo 's irresponsible actions, I have incurred the following damages : *My credit score has been drastically reduced. 
*I am unable to get a credit card, home loan or even buy a car. 
*I have lost XXXX dollars in my business due to my distorted credit reporting from Wells Fargo XXXX 
*I have a new baby and my wife and I want to buy a XXXX home in the suburbs. However, my mortgage company, XXXX a local XXXX Mortgage Company XXXX demands a letter from Wells Fargo explaining the incorrect information on my credit report before they approve a mortgage. As a result of Wells Fargo incorrectly reporting false information on my credit report and THEN not providing the documentation to fix the situation, I have missed several opportunities to buy a home. 

Wells Fargo needs to send documentation to myself and the major credit bureau 's to remove the documentation that the $ XXXX Line of Credit WAS NOT DISCHARGED IN BANKRUPTCY.

Company public response: Company chooses not to provide a public response
Company response to consumer: Closed with explanation