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chet8504

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Can you negotiate with OC to remove chargeoff if you already settled with a CA?
I hav a chargeoff on my record that will stay there for 3 more years. The original creditor (Wells Fargo) has it listed as sold to a creditor and being a chargeoff. I settled with the collection agency that bought it years ago. Can I contact Wells Fargo and request that they delete their posting (both are posting on my report)? Can I try to pay them to delete it even though they've sold it? If so, should I offer much less since I've already settled?

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Thanks for the help!

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Most likely not at all.  First off Wells Fargo is out a lot of money!  They sell the debt to collection companies for pennies on the dollars, then write off the loss. So this will remain on your credit report, as this is exactly what the other lenders need to know to guage your willingness to pay back loans.  It is good that the collection company shows it with a 0 balance as this at least shows lenders you eventually stepped up and payed what you borrowed.

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Based on the fact that it is Wells Fargo and they are hurting badly in regard to their reputation, it never hurts to ask them.  Just inform them you paid it off to the collection agent and ask them to remove it.   What harm does it do to ask?    I doubt they would accept any funds to remove it, however, in your request, ask them what it would take and you can weigh your options based upon what they put the table, if anything.   The worse that can happen is that they tell you no and that there is nothing they can/will do.

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