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I have a question for ya'll
Does Wells Fargo Report Student Loan Charge Off Every Month (trailing) until Paid OR do they report the chgarge off once on the credit report?
Does Wells Fargo Student Loan allow settlements?
Also posted here: https://ficoforums.myfico.com/t5/Student-Loans/Wells-Fargo-Student-Loan-Private/td-p/5414842
A creditor has the option, once they have taken a charge-off, to report that as the current account status until the delinquency is overcome.
They can, for example, choose to report its current level of delinquency, such as 120-late, or to alternately report CO, which then, in combination with the reported date of first delinqeuncy, informs others of the period since intitial delinquency. They are essentially equivalent as to reporting length of delinquency, with the CO reporting additionally informing that they have charged the delinquent debt to profit and loss.
In any subsequent month after having taken a charge off, when they add prior monthly delinquencies to your payment history profile, just as with current status, they can either report the prior status for that prior month as having been, for example, 150-days late, or as a CO.
A showing of multiple months as CO in your payment history profile does not indicate that a new CO was taken each month. It only indicates that the account was delinquent during that prior month, and that it had also been charged-off at some prior point in time.
It is standard and acceptable reporting.