Dealing With Wells Fargo Credit Report Errors
When a trusted institution like Wells Fargo reports inaccurate information to credit reporting agencies, it can seriously affect your credit score and overall financial health. The accuracy of your credit report is a crucial part of your finances. It affects your ability to get a loan, a mortgage, credit, or an apartment and can even affect your employment opportunities.
What to Do if Wells Fargo Reports Inaccurate Information
If you discover that Wells Fargo has reported incorrect information on your credit report, here are the steps you should follow:
- Review your credit reports carefully to spot all inaccuracies reported by Wells Fargo. This could include incorrect account statuses, wrong balances, or erroneous late payments.
- Gather any documents that support your claim of inaccurate reporting. This could include account statements, correspondence with Wells Fargo, and other relevant records.
- Dispute the inaccurate information on your credit report.
How to Dispute Inaccurate Information Reported by Wells Fargo
The Fair Credit Reporting Act (FCRA) gives consumers the right to dispute inaccurate information. Here’s how you can dispute the inaccuracies:
- Contact the Credit Reporting Agencies: Write a dispute letter to the credit reporting agencies. You can use our dispute letter template to get you started. Be sure to include a clear explanation of the inaccuracies and copies of your supporting documentation.
- Notify Wells Fargo: Send a dispute letter to Wells Fargo, informing them of the incorrect information they reported. Include the same documentation you sent to the credit reporting agencies.
- Keep Records: Note the dates you sent and received any communication with Wells Fargo and the credit reporting agencies. Staying organized and keeping good documentation is vital to getting your reports updated.
Your rights Under the Fair Credit Reporting Act (FCRA)
The FCRA provides several protections to ensure your credit report is accurate and fair:
- When a company uses your credit report to decide on your creditworthiness or for an apartment or job, you are entitled to a copy of that report.
- Right to Dispute Inaccuracies: You can dispute incorrect information on your credit report. You have the right to dispute it with the credit reporting agency and the company that provided the information, such as Wells Fargo.
- Right to Have Errors Corrected: Once you file a dispute, the credit reporting agency must investigate your claim and remove any information that cannot be verified as accurate within 30 days.
- Right to Sue for Damages: You have the right to sue for damages, including legal fees and, in some cases, punitive damages, when your FCRA rights have been violated.
Wells Fargo Legal Complaints and Lawsuits
Fake Accounts Scandal (2016): Wells Fargo employees created millions of unauthorized bank and credit card accounts without customers’ consent to meet sales targets. The bank was fined $185 million by the Consumer Financial Protection Bureau (CFPB), the Office of the Comptroller of the Currency (OCC), and the City and County of Los Angeles. Wells Fargo also agreed to pay $142 million to settle a class-action lawsuit brought by customers.
Auto Insurance Scandal (2017): Wells Fargo charged customers for auto insurance policies they did not need, leading to loan defaults and repossessions. The bank agreed to pay the CFPB and the OCC $1 billion in fines and reimburse customers approximately $80 million.
Unauthorized Mortgage Modifications (2018): Wells Fargo improperly changed the terms of customers’ mortgages, often leading to higher payments and, in some cases, foreclosures. The bank faced multiple lawsuits and agreed to pay settlements and compensation to affected homeowners.
Student Loan Servicing Issues (2020): Wells Fargo was accused of providing inaccurate information to borrowers and credit reporting agencies, leading to improper handling of student loans. The bank settled with the CFPB for $3.6 million in penalties and $410,000 in restitution to affected consumers.
Francis Mailman Soumilas, P.C. Cases Against Wells Fargo
If you have faced the following situations, you may have a case and be able to sue. Contact us at 1-877-735-8600 to get a free case evaluation.
Plaintiff sold his home, and the mortgage on the house he sold was paid off at closing. Wells Fargo Bank NA held the mortgage. Following the sale and payoff, Wells Fargo Bank NA began reporting an inaccurate delinquent payment status on Plaintiff’s credit. Plaintiff disputed numerous times with TransUnion LLC and Equifax Information Services LLC. In response to each of those disputes, TransUnion LLC, Equifax Information Services LLC, and Wells Fargo Bank NA refused to correct the false reporting and continued to disseminate false information to third parties.
Get Help From our Consumer Attorneys
Dealing with inaccurate credit reporting and deceptive business practices by your bank can be complex and stressful. At Francis Mailman Soumilas, P.C., our consumer attorneys have fought against false consumer reporting and misleading business practices for over 25 years. We specialize in holding companies like Wells Fargo accountable for the information they report.
If you’re struggling with credit report inaccuracies or dealing with deceptive business practices, contact us today for a free consultation. We will ensure your rights are protected.
Your financial health is too important to leave to chance.
Fill out our Free Case Review Form or Call us now at 1-877-735-8600 for a free, no-obligation case evaluation.
