Consumer complaint received 2024-11-28 00:00:00
Product: Credit reporting or other personal consumer reports — Credit reporting
Issue: Problem with a company's investigation into an existing problem — Problem with personal statement of dispute
Company: WELLS FARGO & COMPANY
State: FL

Complaint narrative:
3rd Dispute of Late Payments Reported in my credit report One Hundred Sixteenth Congress of the United States of America TITLE IV- ECONOMIC STABILIZATION AND ASSISTANCE TO SEVERELY DISTRESSED SECTORS OF THE UNITED STATES OF AMERICA ECONOMY Subtitle A - Coronavirus Economic Stabilization Act of 2020 Federal Trade Commission FTC report number : XXXX Following the CFPB complaints id XXXX This is my third dispute regarding the reporting of late payments on my credit account ending on XXXX in the months of XXXX, XXXX and XX/XX/XXXX. After a thorough analysis of Section XXXX of the CARES Act ( Credit Protection during XXXX ), I insist that Wells Fargo 's actions in reporting late payments during the covered period are not only incorrect, but directly contradicting the requirements established by this law, significantly affecting my credit history record. 

Main Points of Dispute SEC. 4021XXXX CREDIT PROTECTION DURING XXXX. 
Section 623 ( a ) ( 1 ) of the Fair Credit Reporting Act ( 15 U.S.C. 1681s2 ( a ) ( 1 ) ) is amended by adding at the end the following : ( F ) REPORTING INFORMATION DURING XXXX PANDEMIC. ( i ) DEFINITIONS.In this subsection : ( I ) ACCOMMODATION.The term accommodation includes an agreement to defer 1 or more payments, make a partial payment, forbear any delinquent amounts, modify a loan or contract, or any other assistance or relief granted to a consumer who is affected by the XXXX XXXX XXXX ( XXXX ) pandemic during the covered period. ( II ) COVERED PERIOD.The term covered period means the period beginning on XX/XX/XXXX and ending on the later of ( aa ) 120 days after the date of enactment of this subparagraph ; or ( bb ) 120 days after the date on which the national emergency concerning the novel XXXX XXXX ( XXXX ) outbreak declared by the President on XX/XX/XXXX under the National Emergencies Act ( 50 U.S.C. 1601 et seq. ) terminates. ( ii ) REPORTING.Except as provided in clause ( iii ), if a furnisher makes an accommodation with respect to 1 or more payments on a credit obligation or account of a consumer, and the consumer makes the payments or is not required to make 1 or more payments pursuant to the accommodation, the furnisher shall ( I ) report the credit obligation or account as current; or ( II ) if the credit obligation or account was delinquent before the accommodation ( aa ) maintain the delinquent status during the period in which the accommodation is in effect; and ( bb ) if the consumer brings the credit obligation or account current during the period described in item ( aa ), report the credit obligation or account as current. ( iii ) EXCEPTION.Clause ( ii ) shall not apply with respect to a credit obligation or account of a consumer that has been charged-off.. 

Interpretation of Section 4021 : Section 4021 provides that any account under an accommodation agreement during the covered period must be reported as current. 

Specifically, the law mentions that the term accommodation includes deferral agreements, partial payments, or any other assistance related to the XXXX pandemic. This applies to all credit obligations or accounts, including revolving accounts such as credit cards, and any accommodation limits the creditor to reporting late payments to avoid damage to credit reports. 

Wells Fargo argues that credit cards are excluded from the CARES Act, but this is not supported by the legislative text. The definition of " accommodation '' and " credit obligation '' broadly covers any credit account that you report to the credit bureaus making this A DIRECT VIOLATION OF LAW and FRAUD by Wells Fargo towards me as a consumer. 

Account Status at Time of Settlement : The accommodation agreement with Wells Fargo was made on XX/XX/XXXX. According to records, at that time my account had not been reported as delinquent. Because my first late payment was in the same month XXXX that the agreement was made, This contravenes their claim that my account was already delinquent before the agreement began. And also law has a window time coverage that begins on XX/XX/XXXX of XXXX and ends 120 after pandemic is declared ended. 

According to the CARES Act, if an account is not delinquent at the start of the accommodation agreement, it must be reported as " current '' for the duration of the agreement. AGAIN I STATE CLEAR VIOLATION OF LAW and FRAUD against me. 

Covered Period : The CARES Act defines the " covered period '' as from XX/XX/XXXX of XXXX through 120 days after the end of the declared national emergency. This period was still in effect during the time of my settlement with Wells Fargo, this section continuing to demonstrate Wells Fargo 's violation of the law and fraud. 

FCRA Compliance : Wells Fargo is required under the Fair Credit Reporting Act ( FCRA ) to report accurate and fair information. By reporting late payments during the period covered by an accommodation agreement, Wells Fargo is not only failing to comply with specific provisions of the CARES Act, but is also repeatedly violating the FCRA by refusing to correct this inaccurate information on my credit report. 

This behavior demonstrates a continued disregard for my rights as a consumer, rights that are clearly protected by the FCRA and the CARES Act. Specifically, the FCRA requires creditors to report true and accurate information, and to correct any errors once they are reported Wells Fargo is committing a clear fraud and violating my consumer rights, affecting me financially and emotionally I attached some links of lawyers that explain credit cards are protected by Section 4021 of the CARES Act ( Credit Protection during XXXX ). 

links of information https XXXX XXXX XXXX XXXX XXXX XXXX XXXX & XXXX XXXX XXXX XXXX  XXXX & XXXX

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