Wells Fargo Charge Off - Questions

[jhutt50]

Hey all, been reading these forums for the last week or so, trying to gain more knowledge in all things credit.  But I do have some questions about some things that you folks may be able to help with.

I recently was able to pull all of my credit reports from the CRA's.  I have 7 open credit cards, with the oldest of them being opened in November of 2011.  Cap One - $500, Chase Freedom - $500, Discover More - $3750, AMEX BCP - $2000, US Bank Cash Rewards - $2500, PEFCU Rewards Visa - $2500, and Citi Diamond Preferred - $1800.

I do have a balance on the Discover for about $2k, but it is at 0% until next June and will be paid off by then.

The question I have is about my only adverse account that is reporting.  When I was in college I banked with Wells Fargo, and they got me a Student Card.  Wasn't a huge limit, but I wasn't smart with the card, and it eventually charged off for about $1100.  On all three reports it is listed as Transferred/Sold, and a zero dollar balance.  Last November I had been contacted by a CA, and settled with them paying $900.  This was before I knew about sites such as this.  On the Credit Reports the information is still being reported by Wells Fargo, and only Wells Fargo.  And like I said earlier, it is showing a status of Charge Off - Transferred/Sold.

Now I'm wondering what are going to be the best steps to handle this adverse account.  I was going to dispute with the CRA, since the information being reported isn't technically reporting the correct information since I have settled the debt, but I want to get your guys opinion on the matter.  Should I contact Wells Fargo at all?  The CA that I settled with?  Thanks for all help.

[hdrider07]

Hello.  If the account is showing 0 balance and as transferred/sold then it is reporting correctly, it was sold to a CA who then owned the debt and you paid them.  The CO will remain on your credit report.  The best course of action is to send GW letters to the OC asking for them to delete the TL.  You can search through the boards to find who has had success so you can see your chances.

[Shogun]

Best thing for you to do is to send them a GW.  There has been a lot of success doing these and you might be lucky.  Read up on the thread below, form your gameplan and get to sending.  Good Luck!

http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/GW-letter-Q-amp-A-Examples-and-GW-Success-Sto...