Home Equity Account Charge Off

[Anonymous]

I recently completed a short sale in AZ and was current on my home equity at the time of short sale. I never missed a payment. I pulled my credit report and it stated that my account was listed as Account paid for less than full balance, Charged off account. Now in my shortsale letters it stated that they will not pursue future collections and that the debt was forgiven. Now my credit report shows that the first delinquency on the account was 11/2010. This is impossible as I never missed a payment all payments were accepted and I even have confirmation from Wells Fargo that I was current at the time of sale. The credit report also shows a $0 balance on the loan. So what I am trying to see is if there is a way to remove the charge off from my credit report as there is no balance and the debt has been forgiven by Wells Fargo as stated in the letter. Additionally they have reported a delinquent date that does not exist. Any info is appreciated. thanks.

[Heavanly1]

I don't believe that there will be any way to get this charge off removed, as it is legit and reporting correctly. The account was settled for less than full and the remaining balance was charged off. A charge off means that the bank has deemed the balance of the home equity uncollectable. The fact that they have promised not to come after you for the balance does not negate this fact.

The best you can do at this point is write a GW letter to WF requesting that they change the tradeline from settled for less than full balance to paid in full, but that may be a longshot.

Good luck!

[IOBA]

+1