Ok, thanks, I will talk to them.

Apparently it used to be TransCanada credit, but it sounds like Wells Fargo bought them, or maybe just some of them.

Now it's with Financial Debt Recovery.

No, talking to them is going to do nothing to re-age it. Don't do anything in writing, but make them do it in writing.

I don't know what else it would be other then MDG, it's the only thing I have ever put on credit. They said they handel MDG computers. I will ask for all he paper work from them to prove it. But once I start talking to them, is that going to reset my 6 years? Or is it only once I start paying it?

thanks for you help.

Sure. Go ahead and pay it off. Especially without knowing who or what this bill is. You may owe MDG computers money, but this ain't that as they have their own in-house finance company.

Find out what it is, then make your decision.

Paying it will hurt your credit rating. It will make the collection appear more recent than it is, which translates to an instant score tank. If you pay it, you need an agreement to remove the listing entirely... in writing... or at the very least an agreement that it not be re-aged.

As a side note... a reputable mortgage broker is your best bet to get a mortgage if your credit is marginal. Talk to him/her and feel it out. A reputable one will talk through your situation and have an idea whether he/she can help you and will speak to potential lenders before suggesting a course of action based on what the lenders actually want.

I haven't paid CRS (suing them instead) and have a prime mortgage.

You said nothing about having a Wells Fargo account. MDG and your student loans are not given thru Wells Fargo.. did you forget about having a loan or a credit card from them (like The Brick, Futureshop or Petro Canada)?

As far as this dropping off your bureau, it's on there until 2009 without making any payments, and will be there for an additional 6 years when/if you do. If you want your mortgage, you're going to end up having to pay your creditors. I would suggest going to CitiFinancial (with a co-signer) and getting the funds to pay off (or settle -- up to you) the current debts, then try and get additional funds from the lender to pay back Citi.

And the end of the day, there isn't a quick fix for your credit bureau.

FYI, when it comes to your bureau reporting amounts owed, it never reports interest once it goes to third party. When your bureau shows $3500 owed, and Wells Fargo tells you $7500 is owed, it means $4000 of interest was left to rack up -- and that's scary!

I "bought" a laptop when I turned 18 in 2003. It was a deal of no-payment no-interest for 6 months (or 1 year , I can't remember). I never received anything from the laptop company (MDG computers). Not a bill or a notice or anything. I moved to school a few months after I bought the lap top, but my father still lived at that address, and I still got nothing. I moved once a year for the next five years. (One year leases) I changed the address on my driver's license and with my bank every time. One time I even changed it with the courthouse. I still never got anything.

I thought I had bad credit because of outstanding student loans that I missed payments on, which are now dealt with.

So now I'm trying to buy a house and this "Wells Fargo" report is on my credit report. ( I don't actually have a copy, a real estate broker was nice enough to tell me what was on there) and apparently I own them $3500.00

So I called Wells Fargo and they said it went to a private collection agency, and they said the balance was $7500.00, I asked which one, but they couldn't tell me cause the "Credit" department of their company was closed and I would have to call then tomorrow, and they gave me the 1-800 number to call.

So questions:

- Is there anything that I can do? They didn't contact me for 5 years! and now I have tracked them down.

- Is there anyway I can get it off my credit report quickly, I am trying to get a house.

- Do I really have to pay the $7500.00 to make it go away?

- If I start to pay it, will it "reset" the 6 year rule?

- If I start to pay it, will it get off my credit report?

- Should I just ride it out for one more year? I really don't want to, but will I get a clean credit report if I just wait one more year?

- did I already screw myself by calling Wells Fargo?

Any help is appreciated.