WFNNB--Paid Chargeoff removal advice?

ablacksheare · ‎11-12-2010

Hi Forum,

I was taking a good look at this paid/chargeoff/collection from WFNNB/Express that is like a paperweight on my credit score. It being noted as Settled-less than full balance. I was wondering if anyone on the board has had success with having these marks removed from their report? Whats the best way of contacting them? Should I send a GW? Any suggestions are appreciated. Thank You

Starting Score: TU:610(10/28/2010) EQ:575(10/28/2010)
Current Score: TU:640(11/6/2010) EQ:603(11/2/2010)
Goal Score: 710By January 2011

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llecs · ‎11-12-2010

A GW is the right step. You certainly would want the word "settled" and/or "charge-off" removed (both are scored equally bad) and any lates too. Now I wouldn't be so eager to send a GW if the account is one of your oldest or if it was approaching 7 yrs from the DOFD.

RobertEG · ‎11-12-2010

Settled for less than the full amount is not just a "comment" in your CR.

It is based on the recordation, in your credit file, of the terms of payment.

Regardless, the status of paid in full, settled for less, or not paid at all,does not affect the continued reporting of the original OC.

FICO scores the occurance of the CO, and not its ultimate form of debt resolution or non-resolution.

You GW should be towards removal of the CO itself, not the status or comments.