Whether to dispute or Goodwill letter????

[Anonymous]

Hi, it's been a minute since I last posted but I'm looking for insight. I have a charged off credit card with Wells Fargo that I paid in full last year. I have been looking through the forum and I saw many say they had less than good results with getting paid collections removed when dealing with Wells Fargo. When I originally paid the debt, I didn't know much about pfd. Me and my husband are planning to start working to repair out credit starting next year. I was wondering if disputing would get them to remove the account since it's paid or would Goodwill letters be more effective???Thanks in advance.

[RobertEG]

A collection is reported by the debt collector, not the creditor, and any deletion would necessarily be by the reporting debt collector, not Wells Fargo.

Paying a debt under collection requires the debt collector to close their collection and update the balance to $0.

There is no inaccuracy in continuing to report (i.e., not delete) the collection, and thus paying the debt is not basis for a dispute of the accuracy of the collection.

To the contrary, the CRA reporting manual specifically insructs debt collectors not to delete based on payment of the debt, and thus sending a dispute to the CRA would be requesting that they investigate and delete for a reason directly contrary to their posted policy.

You can send a request for good will deletion to the reporting debt collector.

[Anonymous]

Okay, thanks. Lucky for me the debt wasn't sold and I paid Wells Fargo directly. So Goodwill letters it is.

[gdale6]

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@Anonymous wrote:
Okay, thanks. Lucky for me the debt wasn't sold and I paid Wells Fargo directly. So Goodwill letters it is.

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Yup the GW letter is the way to go as a dispute now would not get it deleted and it would cause a Fico score decrease when the status date comes current to update the results of the dispute. The CO would appear to be brand new in Ficos eyes.

http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/GW-letter-Q-amp-A-Examples-and-GW-Success-Stories/td-p/1573680