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Credit Card charge off from 8 years ago


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Hi, there was a wells fargo account credit card account that was charged off years ago in 2011 but the accounts last payment is showing 2013.

 

here are some more details:

Account Status
Closed
Payment Status
Charge-off
Status Updated
Oct 1, 2013
Usage
125%
Balance
$1,498
Balance Updated
Jan 2, 2019
   

Last Year I received an IRS letter stating that I didn't report the charged off amount as income for my 2016 taxes. Wells Fargo cancelled the debt and sent it to the IRS on the last day of the year in 2016.  As soon as i received the letter i paid the debt in full.

 

Here's where I'm stuck on how to proceed.

 

My credit report still shows the full charged off amount even though I paid it to the IRS when requested and i cant get it removed no matter how many times a dispute it.

 

According to experian the account will be removed from my credit report at the end of this year in 12/2019.

 

I need some more information because I don't want to do anything have the clock be reset on when the account will be removed. ( I'm afraid of a situation where if any new information is inputted resulting to a reset of the 7 year rule)

 

Should I give up and wait for the account to be removed? Or should I press further and keep trying to have it corrected. And if I were to do so, what is the best way of going about it?

 

Thank you so much for the help.

Edited by thankyouforhelp
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12 hours ago, thankyouforhelp said:

Hi, there was a wells fargo account credit card account that was charged off years ago in 2011 but the accounts last payment is showing 2013.

 

here are some more details:

Account Status
Closed
Payment Status
Charge-off
Status Updated
Oct 1, 2013
Usage
125%
Balance
$1,498
Balance Updated
Jan 2, 2019
   

Last Year I received an IRS letter stating that I didn't report the charged off amount as income for my 2016 taxes. Wells Fargo cancelled the debt and sent it to the IRS on the last day of the year in 2016.  As soon as i received the letter i paid the debt in full.

 

Here's where I'm stuck on how to proceed.

 

My credit report still shows the full charged off amount even though I paid it to the IRS when requested and i cant get it removed no matter how many times a dispute it.

 

According to experian the account will be removed from my credit report at the end of this year in 12/2019.

 

I need some more information because I don't want to do anything have the clock be reset on when the account will be removed. ( I'm afraid of a situation where if any new information is inputted resulting to a reset of the 7 year rule)

 

Should I give up and wait for the account to be removed? Or should I press further and keep trying to have it corrected. And if I were to do so, what is the best way of going about it?

 

Thank you so much for the help.

Nothing you posted indicates that a payment was reported as being made in 2013.  Where did you surmise that?

 

The date that determines how long negative info on a charge-off will report is DOFD, which is the most recent time the account went 30 days late and was never brought current.  

 

If the TL is scheduled to drop in 12/2019 they are likely working from a DOFD in late 2012 (7 years from DOFD).  Is this correct?

 

You did not change the fact that the TL was charged off when when you paid the IRS, nor did the OC get any of that money.  The amount that was charged off was treated as income, which created a tax obligation for you.  You paid the taxes.  

 

If you had more debt than assets you may have gotten the taxes waived by filing a form to show your insolvency.

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