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Phillips Esq.
Phillips Esq., Attorney-at-Law
Category: Consumer Protection Law
Satisfied Customers: 19125
Experience:  B.A.; M.B.A.; J.D.
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I have a car loan through Wells Fargo Dealer Services that

Customer Question

I have a car loan through Wells Fargo Dealer Services that has been charged off on my credit report and now they are asking me to reinstate the loan??? There are numerous things being reported to the credit bureaus that are not correct and they have not compliance with FCRA they didn't validation of the debt and neither did the credit bureaus do a complete investigation of the dispute. I don't know what to do I am getting my first home loan and it is on hold because of this
JA: Because real estate law varies from place to place, can you tell me what state this is in?
Customer: Ohio
JA: Has anything been filed or reported?
Customer: See post above
JA: Anything else you want the lawyer to know before I connect you?
Customer: No.. that is it is just need to know how to get this off my credit report because of there mistake and I need to know what to do about them asking me to reinstate a loan that's been charged off
JA: I'm not sure of the exact price, but there's only a $5 deposit. The rest of the price information will be on the page I send you to.
Customer: ?
JA: What confuses you?
Customer: I am not sure how this works is there a consumer law attorney available
Submitted: 8 months ago.
Category: Consumer Protection Law
Expert:  Phillips Esq. replied 8 months ago.

Hello: This isCustomer Welcome to JustAnswer! I am reviewing your post, and I will post my response very shortly. Thank you for your patience.

Expert:  Phillips Esq. replied 8 months ago.

I am sorry to read about your difficulties.

A charged-off debt does not mean that the debt has been forgiven. It only means that the debt has been noted as a bad debt in the creditor's books. The credit can still decide in the future to attempt to collect the debt; sell the debt to a debt buyer, who would then turn around and contact the debtor to try to collect the debt.

If the debt has been disputed, then the Credit Reporting Agencies ("CRAs") pursuant to Fair Credit Reporting Act has up to 45 days to investigate the dispute and get back to you. If the dispute is resolved in your favor the derogatory information would either be deleted or updated in your favor.

If you are alleging that the CRAs did not conduct propert investigation, you can file a dispute again. You can also file lawsuit agaist the CRAs to force them to remove the information from your credit file. A lawduit unfortunately, would not be resolved immediately and may take up to a year to resolve thereby delaying your loan approval.

You can use the following sites to find local consumer Attorneys to assist you with the case:

Goodluck with your case,

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