Wells Fargo & Company Student Loan Complaint

Wells Fargo & Company Student loan department,

Non-federal student loan Dealing with my lender or servicer Trouble with how payments are handled Colorado

I have - private student loans through wells fargo. I pay and have paid each month since the inception of my loans. I often " pre-pay '' or pay early depending on my pay days. I was not aware until today ( some - years later ) that if I pay prior to the issuance of a billing statement that, rather than apply that money towards the monthly amount due and owing, wells fargo instead makes a double payment for the prior month and then shows me delinquent the following month. This has created a snowball effect where I am paying early but because they applied a previous months payment to the prior month thereby doubling the payment, I am then delinquent and when I think I am paying early, due to their applications of payments, I am actually paying a false delinquency. I have called previously and was never told I can not pay early. So now, I have faithfully paid my student loans for - years and they have falsely reported that I am delinquent to my account which is now on my credit report. I find it inconceivable that because I paid an amount early, before a


the loan. I spoke with the Wells Fargo, also disputed my credit report and have not had the problem fixed. They simply repeat that I because I paid " considerably early '' I was delinquent the next month and the credit reporting was correct. I have never had this be an issue with any other institution regarding an auto loan, a personal loan, and/or other student loans. I can say with total honesty, what they are doing is deceptive and probably has affected other similarly situated borrowers. I am lodging a complaint here as well as considering initiating a class action against Wells Fargo. Penalizing a borrower for paying early so that they can collect late fees and/or report false delinquencies is the definition of bad faith. I am extremely disturbed that such a practice would continue despite their other rulings for bad credit practices etc. Be warned, if you pay a student loan payment before the " Statement is issued, '' it will go to an extra payment for the previous month, you will be deemed delinquent for that month, and you will have a negative report issued to the credit bureaus. Wells Fargo did nothing to work with me to understand the issue but simply repeated the false refrain of " Our credit reporting was correct. '' This is the worst banking institution I have ever dealt with. Avoid Wells Fargo like the plague.