Derog/CO Info not matching & PFD question

[Anonymous]

I have one "baddie". But, when I check WalletHub & CK, etc., they state I have no public records or derogatory accounts reported, however I do have a charge off from Wells Fargo secured CC that started reporting late 11/2016. 
My question is, why would this not match up? The CO still shows a balance of 114.00 which I am debating paying, even though I've never heard of Wells Fargo as an OC doing a pay for delete. SOL runs out 11/21 (I believe). I don't think this CO (which is my only beg) will age off until 11/23. 

Has anyone had any luck with a PFD from the OC when then OC didn't sell debt to a collector and the OC is a big bank/institution (in this case, Wells Fargo). 
Also, it's been over 4 years, would the impact of this CO continue to be significant even 4 years later or do you think most of the damage has dissipated. 
And if so, how much did your score increase after paying?

[gdale6]

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@Anonymous wrote:

I have one "baddie". But, when I check WalletHub & CK, etc., they state I have no public records or derogatory accounts reported, however I do have a charge off from Wells Fargo secured CC that started reporting late 11/2016. 
My question is, why would this not match up? The CO still shows a balance of 114.00 which I am debating paying, even though I've never heard of Wells Fargo as an OC doing a pay for delete. SOL runs out 11/21 (I believe). I don't think this CO (which is my only beg) will age off until 11/23. 

Has anyone had any luck with a PFD from the OC when then OC didn't sell debt to a collector and the OC is a big bank/institution (in this case, Wells Fargo). 
Also, it's been over 4 years, would the impact of this CO continue to be significant even 4 years later or do you think most of the damage has dissipated. 
And if so, how much did your score increase after paying?

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If its updating monthly pay it off so it stops doing so, they are not going to do a PFD but the good news is once COed the DoFD cannot be reset and the time it can run is calculated from that point. A CO will cost you Fico points the entire time its on record no matter how old it is. Its age for Fico purposes is calculated from date of last update not when it actually happened. Welome to myFico

[RobertEG]

By definition, a debt must be delinquent in order to charged-off.

If a credit report includes an account that has been charged-off, it contains a reported prior delinquency.

If the debt remains unpaid, it additionally continues to be delinquent.

The comment on a commercial credit report that summarizes a credit file as being absent of any derogatory accounts when it includes reporting of a prior charge-off is simply inaccurate.  However, such a comment is not a formal element of the consumer's credit file, but merely a third party's summarization of its contents, and thus is not a disputable item of information under the FCRA.

I would contact the vendor and inquire as to why they are making that inconsistent commeent in their credit report.

As with any debt that continues, from a date of initial delinquency, to remain delinquent, each update of current status made by the credit increases the total period of reported delinquency, and thus the delinquent account is not "aging" in reduced scoring impact, but rather increasing in negative scoring effect, with each update.

Paying terminates future continued increase in period of delinquency, but does not provide an immedate positive scoring impact under payment history.

[OmarGB9]

No, COs don't lessen in impact as they age. And no, OCs don't/rarely ever do a PFD.

Also, as Robert said, credit monitoring services merely summarize your file, sometimes inaccurately. I would ignore what their dashboard says because a CO is obviously a derogatory account.

Even if WF won't PFD, the CO is still costing you points both because it's updating monthly and because the CO counts as a maxed account and hurts your utilization, so I'd still suggest paying it.