Charge off-W/wells fargo

Discussion in 'Credit Talk' started by elmonguam, Jun 24, 2001.

  1. elmonguam

    elmonguam New Member

    I recently found out I have a charge-off with wellsfargo, the problem is I knew I had a charge off with a financial instituition called Fidelity Finance, whose office has been closed for a few years already due to internal embezzelment in the company.
    I have bad or damaged credit as some "experts" have said. I have been denied many credit card applications that I have submitted, so I got a copy of my credit report and listed for the charge-off is wells fargo, a freind of mine advised me that fidelity finance may have been a dba or another subsidirary of wells fargo.
    The topper is: when fidelity fianance still had their doors open, I went to court for the acount, I attended as instructed by the documents served to me by the court, before I could see the judge the attorney in charge of this case pulled me out of the court and we went to his office were he made me work out a payment plan through his office to settle the debt.
    I made a payment, and some time later the office for the laywer was closed due to investigations of embezzelment by the lawyer himself, I have not received any correspondence in regards to this debt at all. I have waited for years already for anything , I am not sure who and where to pay for this, I have been fearful of the fact that I would have to pay three or 10 times the amount I originally owed. I have been debating whether to just walk into the wellsfarg office out here to work out paying for this debt.But I am fearful. As per my credit report the amount was 3,500+ as listed. I just paid off my auto loan, I have delinquincies on the auto loan, but is finally paid in full.I am trying to re-establish my credit but no one will help me, could you please advise?
  2. river

    river Well-Known Member

    Have you try disputing this item? You might have a good chance of it not being verify. It's worth a try.How old is the charge-off? Is Wells Fargo listed as lender on credit reports?If not,u have a good chance of having it removed if Finanical Fidelity is the one listed as reporting it. If no success,write a 100 word statement and have attached to your report as reason for "charge-off" as you have stated above til u can get it removed. I wouldn't pay or acknowledge the debt with Wells Fargo. Good Luck!!!
  3. breeze

    breeze Well-Known Member


    Wells Fargo bought the Fidelity accounts. They bought mine just 1 month before I paid it off. They seemed to know that there were problems *at that time* - that was in 1999. Fidelity had been claiming my payments were late, but I had the little green cards from the USPS showing when I had mailed my payments. I was disputing their lates at the time the accounts were transferred to Wells Fargo.

    I told Wells Fargo over the phone "you better not put anything bad on my credit, I have all those little green cards proving I paid on time, and I'll do something about it if you do." They said "Don't worry, we won't do that" and they didn't. It is reported kinda wierd "not late in prior 3 months", and "paid in full". There is no reference to Fidelity or any lates on that account. I had traded that car in for a new one.

    My point is this: Go talk to Wells Fargo. Chances are there are still some folks around who were aware of what happened with Fidelity. Take any documentation you have with you, and ask for help with the problem, don't go blasting them right off.

    I have found that when I ask for help, most people try to help me. You can always get mean later if being nice doesn't work.

    Good luck!

  4. breeze

    breeze Well-Known Member

    I think River's idea of disputing it first is a good one. But if that doesn't work I would go talk to Wells Fargo.

    River, have you read some of the stuff about the 100 word statements?? They hurt you, they do not help. EFX put one on my report when I was disputing something they didn't want to change - I made them take it off!! It is like a red flag that you have some kind of ongoing problem, and many lenders just say "forget it" when told that there is a statement attached to your file. I will try to find the links where I learned about this. The 100 word statements belong to another era - not the computer-age of credit.

  5. river

    river Well-Known Member

    Breeze,I was under the impression that the "100 word statement" was in the consumers' favor? Oh well,if I am wrong, I certainly don'twant to mislead anyone. Thanks for the info because I was seriously considering having one attached to a particular lender on reports.I thank you so much Breeze for catching that,I might had made a BIG mistake.What is the purpose of for it then? Thanks again.
  6. breeze

    breeze Well-Known Member

    It is from another era, when loans were made in person, and computerized records and credit scoring were not in use.

    When/if I find the links to info about this, I will post them here.

  7. brad

    brad Well-Known Member

    Breeze and River,you can find information about the 100 word attachment on the Equifax web-site.The ask Max advice woman.There is a search feature in her replys and she does address that very subject.
  8. brad

    brad Well-Known Member

    Sorry,I meant EXPERIAN.
  9. breeze

    breeze Well-Known Member

  10. VJ

    VJ Well-Known Member

    Breeze,this is the only thing I've seen lately on the board.
    It is from a former employee of a CRA regarding the lender response to 100 word statements.
    You are entitled to a Consumer Statement, it is mandatory that it be read every time your credit history is required, but it was my experience that most of the big store chains won't even let the Statement be read. As soon as they hear there's a Consumer Statement to be read before the credit report, they say "thanks, no thanks" & you can only guess as to them giving credit to someone that they didn't even pull up the History on...

  11. breeze

    breeze Well-Known Member

    That was it!! thanks!


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