cancel
Showing results for 
Search instead for 
Did you mean: 

Wells Fargo Bank....updated status by removing paid account

tag
09Lexie
Moderator Emerita

Wells Fargo Bank....updated status by removing paid account

Hi, I am new to the board so forgive me if my posting rambles. First a brief history:

EXP shows 3 paid/released Fed Tax Liens 2010, 1 unpaid state lien from 2006;  1coll acct from Asset Accept from 2010

However, it also shows a transferred/closed/never late home mortgage from 2004; two student loans since forever- never late and a new auto loan this April with Chase- no lates.

 

I also 'had' a transferred/closed/never late auto loan with Wells Fargo that was opened in 2004 and last reported in 2008.  Finally, getting to my point, I wasn't to excited about looking at my credit report the past few years because of the tax liens so I didn't notice that Wells' status was not showing 'paid'.  In preparation for my car purchase I pulled my bureau, disputed the status and of course it came back 'verified'. Irritated, I sent the copy of my title with the 'thank you for doing business with Wells Fargo' to Experian as evidence the account is paid.  Well, today, they finally updated the status by removing the ENTIRE account from my credit report. 

I had no idea a creditor can remove a paid account if you are disputing the accuracy? My file is already thin enough so I am afraid to dispute the mortgage! 

 

Any thoughts or suggestions?

 

Lender pull EXP FICO 09/07/2012 672, Credit Karma 09/07/2012 615 Credit Sesame 644

 

 

 

Message 1 of 3
2 REPLIES 2
llecs
Moderator Emeritus

Re: Wells Fargo Bank....updated status by removing paid account

Welcome!

 

That's a common result when disputing a closed account. There's nothing that can be done to undo the deletion. Since it wasn't reporting "paid", I take it there was a balance showed as being owed? If that's the case, you could see a hit for the lost history but it still would have been calculated into DTI under an automatic review. Having the balance wiped out via a deletion isn't too bad and would have saved some headaches down the road if you were to ever app for a big ticket item like a home or car. DTI is not a part of FICO scoring, BTW. If it showed as a $0 balance, know for the future that paid loans don't always say "paid". It's implied if the balance is $0 and FICO and lenders both treat them as closed and paid.

Message 2 of 3
09Lexie
Moderator Emerita

Re: Wells Fargo Bank....updated status by removing paid account

Well, I probably should have asked here before I fought for the update! To answer your question, the balance was listed as N/A.  I had let the matter go but after applying for (and being declined) for a Barclays MasterCard. I spoke with a 'credit analyst ' for reconsideration. Unfortunately, I was told that the account in question - was not reporting paid but simply transferred/ closed...it was one of his ' suggestions'.

 

Thanks again for your informed advice.  

 

Needless to say, I'm leaving my paid mortgage alone! Smiley Frustrated

Message 3 of 3
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.