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Wells Fargo Charge Off

ftworthgirl218
New Visitor

Wells Fargo Charge Off

My credit card with Wells Fargo was charged off for about 12K. They went to court and we agreed on a settlement and since that agreement, I have made about 10 payments on time as agreed by the settlement agreement.  I understand the charge off and prior late pays in the past on my credit but every month they are still reporting charge off.  I have contacted wells fargo and they just say oh well, it was charged off.  Yes it was but now the debt is being paid.  They won't do anything about it.  Shouldn't they now be reporting paid on time?  Any advice is greatly appreciated on how to get it reprting on time moving forward.  Thank you!

Message 1 of 4
3 REPLIES 3
OmarGB9
Community Leader
Super Contributor

Re: Wells Fargo Charge Off

Unfortunately not, even if you're paying it back now, it was still delinquent to the point that it was charged off. There's no undoing it. And it'll continue to be charged off status until paid off completely, at which point they'll update the remarks to say "Charged off - payment after chargeoff" or something like that. It's still good to take care of it though, that way it'll age and fade away over time and stop updating monthly suppressing your scores.


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Message 2 of 4
LaHossBoss
Valued Contributor

Re: Wells Fargo Charge Off


@ftworthgirl218 wrote:

My credit card with Wells Fargo was charged off for about 12K. They went to court and we agreed on a settlement and since that agreement, I have made about 10 payments on time as agreed by the settlement agreement.  I understand the charge off and prior late pays in the past on my credit but every month they are still reporting charge off.  I have contacted wells fargo and they just say oh well, it was charged off.  Yes it was but now the debt is being paid.  They won't do anything about it.  Shouldn't they now be reporting paid on time?  Any advice is greatly appreciated on how to get it reprting on time moving forward.  Thank you!


It is actually in CO status. Like mentioned above you will not get positive payment history for it and it will continue to report CO until fully paid.

 

7 years from DoFD it will fall off your CRs. If it ends as a positive account, it remains 10 years, with each late payment dropping iff at the 7 year mark. It may not seem like it now, but this is for your benefit later. You definitely do not want it reporting on time now and you will never get it to since it was a CO. That is only something that can happen before it gets to CO status, while still just reporting x days late.

 

Once paid off, it will stop updating, and can slowly fade away.

 

Good luck!




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Message 3 of 4
FireMedic1
Super Contributor

Re: Wells Fargo Charge Off

Check your reports. The date of the first late that led to the CO is the day it will go poof. Its a string that falls off at one time.

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