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credit report showing paid off???  

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I have a joint visa credit card with wells fargo. It was 'charged off' early last year. now on my report, its showing paid?? I worked out payment arrangements with collection agency and have been making payments to them every month since April. My credit report shows that its paid, 0 balance. whats up with that? collection agency purchased the account maybe? or in house CA paid themselves off and charging me every month, therefore showing the account is paid for paper work purposes? ever heard of this? thanks, shirley
 

asked Jan 12, 2006 12:33 PM

imkimssister
Best Answer
7
best answer

Have you verified the latest status about this account with Linda? Is she aware that the account is shown as paid in your CR? I am assuming that she is trying to cut the deal based on the present status in your CR

answered Jan 12, 2006 02:06 PM

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Shirley, you somewhere said in your previous post that there is a ray of light at the end of the tunnel. Although, things have not been working with you at one end, look at the other side that is taking a good turn.

I can assume this entry to be a clerical mistake by the credit bureau. But the more important thing is that it is giving positive outlook about this account.

If the credit bureau or the collection agency realizes their part of the mistake, they will correct it. Don't point out their mistake as long as your file is not hurt.

Looking from a different angle, if the collection agency has done this reporting intentionally, then they will make you aware of this update in writing to prove their good side. Maybe they will do it sometime later. Only after they have sent it in writing, you will understand whether you need to pay them further.

answered Jan 12, 2006 01:11 PM

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Hi David!! thanks for the response.


Quote:

Only after they have sent it in writing, you will understand whether you need to pay them further.


I started paying the collection agency on this account last april. They are super nice. really. A woman named Linda coleman wrote me a letter and said that she would like $100 a month out of me but would take less. So I have sent $50 a month and explained that I am trying to take care of several accounts at once right now and will increase it when I can. As soon as I pay a couple of small accounts off, I plan to increase them up to the $100 that she originally requested. But they have been great in working with me, and I have kept my end by paying every month.

shirley

answered Jan 12, 2006 01:41 PM

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No, I haven't done anything, I just received my new credit report today and just found this. I'm just not sure what to do about it, if anything. I mean, really, either way, what difference does it make? I know its not paid, if I say, oh it says paid on my credit report and not pay, I've broken my agreement with her, and shes been great. Wells Fargo is original creditor, and its only listed under them. And they show it as paid. I'm just not sure what this means??? definitely scratching my head here with this one. Should I write Linda and ask her about it? shes not on my credit report at all. If I stop paying her, it wouldn't matter since shes not on report, original creditor is and they're showing it as paid. so if collection agency reports, I can say wait a minute, its paid according to report. Then she would have to prove that its not been paid. I am not going to break my agreement with her, I am being responsible and I know I owe the debt. I am not here in this forum as trying to run from my debts but at the same time, I don't want to get 'screwed over' either. Should I write and ask about it, or let it go? OR SHOULD I POINT THIS OUT TO CREDIT BUREAU?? right now, its positive on my report as being paid, if I start asking too many questions, it could end up being negative. I definitely need opinions and advice on this one.
will sit down later and look over credit report REAL good once I have more time and give it a good going over. thanks, shirley

answered Jan 12, 2006 03:47 PM

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Good!!You are a good customer and take the responsibility of paying your debts. You don't want to run away from them. Collectors who blame the debtors for not paying their debts should review all the 262 posts you have done so far in this forum.

Don't notify anything to the CRA. (Rather, have a friendly conversation with Linda). I strongly believe that this is a clerical mistake either by the credit bureau or with the creditor who reported them.

Have a talk with Linda first. She will put things straight and help you in understanding the actual position.

answered Jan 12, 2006 04:07 PM

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Quote:

Good!!You are a good customer and take the responsibility of paying your debts. You don't want to run away from them. Collectors who blame the debtors for not paying their debts should review all the 262 posts you have done so far in this forum.


Ohhhhhh thank you David. That makes me feel good. I am definitely trying here. Its been a real struggle but I'm trying! thanks again for the encouragement. icon_biggrin.gif Shirley

answered Jan 12, 2006 04:25 PM

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Okay, this same account is on husbands Equifax report that came today (we're joint) saying the same thing as my transunion report, 'account paid/zero balance'. reported 12/05 $0 balance. date opened 11/1997 date of last payment 03/2005. date of last activity 10/2004 (shouldn't last activity and last payment be the same date?) ACTIVITY DESCRIPTION:PAID AND CLOSED. 0 balance.


I'm only guessing here that collection agency bought account from wells fargo, thats why its showing paid and 0 balance. shirley

answered Jan 13, 2006 08:18 PM

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however, another wells fargo account (theres three-the credit card one, the secured one that won't talk to me, and a small one that is left with $67 owed on it. I have been making payments directly to them since april on it and every month they cash. on our reports, its showing date reported 12/05 date of last payment 11/2005. so they are acknowledging on my report that I am making payments. Its doesn't say this but the date proves that I am. at least if they don't give me credit when I pay it off, I can prove it to credit bureau by their dates and by my cashed checks. why are the dates of last payments and date of last activity different? It shows date of last activity as being 03/2004 but date of last payment is 11/2005. Shirley

answered Jan 13, 2006 08:24 PM

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I haven't heard so far that date of last activity differs from date of last payment. You need to clarify this by calling up the credit bureau. If their isn't any difference between both the statuses, you need to place it one dispute.

answered Jan 14, 2006 11:00 AM

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