Do you have a collection account with Wells Fargo collections? Here is what you need to know to get a charge off with Wells Fargo or a late payment with Wells Fargo removed.

First, Wells Fargo is like any other institution in that they are simply trying to collect the money that they may have lent to you. So, if you have received a collection letter from Wells Fargo, or you have received a telephone call from a Wells Fargo collection officer; you can be assured that this negative account is showing up on your credit report.

Try not to avoid the collection calls or to ignore the collection letters from Wells Fargo. What you need to do is to face the music and own up to whatever debt obligation that you might have. Call Wells Fargo directly or if they have sold off your debt to some other agency, call that collection agency.

Then begin to work out a payment plan with Wells Fargo. This is the first step to repairing your credit score by getting rid of negative accounts. You may not be able to remove a charge off immediately from your credit report through Experian, TransUnion, or Equifax (the three major credit reporting agencies).

In fact, depending on how late your Wells Fargo collection account is whether it be a 30 day late, 60 day late, 90 day late, or 120 day late account; Wells Fargo may be willing to reduce the amount you owe. For simply coming clean and telling them that you are willing to work out a payment plan they may reduce a $10,000 debt down to 50% of that or more, it really depends on the situation. If nothing else, Wells Fargo may be willing to stretch out the maturity of your loan (or credit card payment or business line payment or whatever credit collection obligation that you might have with them). Wells Fargo is also willing to reduce interest rates if necessary to facilitate your ability to collect payment from you.

This is the first step to repairing your credit score when you have a Wells Fargo collection payment. There are many more, and in fact there are many little know credit repair secrets that could make this much easier. You can learn about all the steps necessary to repairing a good credit score and report by taking the Free Credit Repair course, it only takes 7-days.