help removing a charge off the right way?

[Anonymous]

2 yrs ago I had a battle with my current bank Wells Fargo on a CC with them resulting in 6 months of them reporting it late finally charged it off for less then the full amount to hit me  with a negative a month later. Now as of today 2yrs later I found out that you can remove it but the process I am unaware about. I heard of a Pfd letter or even a good will letter but who do you send it to? Also,, being my case of the account closing 2yrs ago I have 0 information on how much the account was that I paid less amount for to settle the lump sum.  Let alone the account #. 

I have contacted the executive office(2 days ago from this post) Wells Fargo in IA an have tried to negotiate the removal of any negative remarks from the associated account and I would pay whatever the sum was an told them my life's struggles with this 1 an only negative on my CR seriously effecting my house approvals and I was sorry. They built a case and now I have to wait for a call back.

I appreciate all the help anyone can give. Thank you

[simplegirl]

Well you already did the first step by contacting them and trying to figure out if they will remove the negative which is a goodwill just over the phone. You can not do a PFD letter because you have already paid the debt and those letters are more for Collection agencies anyways. The only other thing to do is a goodwill letter through the mail until they say yes.

[Anonymous]

Thank you @simplegirl I'd

give a snap shot of the charge off to better describe my situation but cannot seem to find where to add a picture. Anyways do you think it is best to wait for the case solution calls (about 10) or try to call them again in hopes of a quick resolution?

[gdale6]

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@Anonymous wrote:

Thank you @simplegirl I'd

give a snap shot of the charge off to better describe my situation but cannot seem to find where to add a picture. Anyways do you think it is best to wait for the case solution calls (about 10) or try to call them again in hopes of a quick resolution?

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You need to rank up first before you can upload photos or link with HTML. You would find the photos in the tab above the box you type comments into.

Wait for response to what you have already done before moving for more. You would need a goodwill deletion as mention by the other poster. I prefer to mail these to the office of the CEO or President of the Corp.

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

https://www.bloomberg.com/profile/company/3920Z:US

[RobertEG]

I am a bit unclear as to how the charge-off has been reported.

Can you clarify?

In more detail, once a creditor does a charge-off of delinquent debt, they can report that fact to a CRA in muliple and separate ways.

What exactly has been reported is thus essential in giving advice on how to pursue its removal.

First, once a charge-off has been taken, the creditor can make a sticky reporting of the amount of the debt that they initially charged to profit and loss.  That sticky reporting then remains in the file regardless of other references to the charge-off.

Second, when making any updated reporting, the creditor must provided the current status of the delinquent debt, which is normally reported as the number of days late, such as 30-late, 60-late, etc.  Optionally, if the debt has also been charged-off, they can simply report the current status as CO rather than as the number of days late.

Third, when making any reporting, the creditor can provide separate reporting or revision of the prior Payment History Profile for prior months.  If the account was delinquent for any prior month, the creditor can report the level of delinquency for that prior month, such as 30-late, 60- late, etc.  Optionally, for any prior Payment History Profile month/year  where the delinquent debt has also been charged-off, the CRA reporting manual permits the level of delinquency to be reported simply as CO instead of as the number of days delinquent,

Fourth, if the debt is subsequently paid, the current status can include reference to fact that it was previously charged-off by including Paid (or Settled), was a charge-off.

What exactly is the reporting(s) that references the charge-off that you are seeking to be removed?

[Anonymous]

Sorry @RobertEG I wish I was able to forward a picture to you to better explain my situation. I had a Credit Card through my bank of Wells Fargo from January 2012- until it had gotten charged off in November-2018 and updated with (N)egative in December 2018 on my credit report. During the time I have had the card kept in Exceptional payment history with Wells Fargo up until May 2018. This started when I made a purchase with my wells fargo Bank card and didn't or was un aware I did not have the funds available so they took what was needed and charged my credit card through well fargo. I did not receive any statement or a phone call stating what happened or I would've paid the credit in full(no problem). During this time I didn't know that my credit card statements were going to my Secondary address (my Fathers). Instead, late payments piled up and finally a bill came to my residence for $XXX.xx dollars. I fought for months to get it lowered because I didn't sign off nor give permission for wells fargo to charge my credit card without my knowledge like that. so finally After months of trying to reach the case worker and it continously adding intreset it raked up such a bill come November I settled for what I thought to believe was a very low discounted charge-off, not knowing what a charge off was thinking it was  just a solution to settle on a debt. 

So to answer you in short, my pay history was in the green from Jan12' -Apr12'. The report shows Late as follows: May(30) Jun(60) Jul(90) Aug(120) Sep(120) Oct(120) Nov(CO) Dec(N)