Old Charged off Still Reporting?????

QuestionsOld Charged off Still Reporting?????
asked 4 years ago

First time post here:

Back in 2013, My wife and I had a Wells Fargo Card get charged off with an $ 1100 balance. Since about 2014, my Wife and I have had nothing but positive credit with our two car loans and credit cards, however we have been stuck between 550s and 600 across the board. We recently decided to start looking at home buying when I started investigating more into our credit. I then noticed the Wells Fargo card. Here is the problem. As mentioned above, the card was charged off in 2013. However, it maintained the $ 1100 balance instead of reporting $ 0. Not only that, but they have been reporting 90 days late every month since then!! How is that even possible?!?!? After many researching most everything I found said this should not have been. But here is the catch. I tried calling today, to see if they’d accept full payment for PFD on all the late payments. They refused of course. Doesn’t surprise me from a company purposely railroading someone’s credit… Anyways they informed me that they had Forgave the Loan back in January. So here is my big problem. I asked since they have forgave the loan, than they no longer are collecting, thus I am no longer liable. So to me that means they have to update the bureaus with $ 0 balance and no longer reporting 90 days late every month. You know what they tell me?!?!? That they can and will continue to report!!! How in the hell is that even possible or even legal?!?!? Needless to say, I went ahead and hired a credit repair specialist to tackle the crap for me… but I wanted people on here inputs.

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