Received 1099c....did not pay/settle card

[wdsman1]

I received a 1099c from Chase for cancelation of debt. I did not settle or pay anything to this card. I pulled my credit report and the balance shows as the full balance. Also my Mortgage which was completed in Oct 2011 does not show on my credit report.

Any ideas?

[racecar]

The 1099-c is for the balance of the debt,they consider that as income.You can dispute that with irs.Consult your tax advisor on how to report the 1099-c on your taxes.

[tigger]

Super informative article about 1099-c, avoiding paying taxes on it and other tax payer concerns re: 1099-c

1099-C In the Mail? How to Avoid Taxes on Cancelled Debt | Credit.com News + Advice

Links from this forum about 1099-c:

regarding mortgages:

How to Know if Your Canceled Mortgage Debt is Tax Exempt

Can a Collection Agency Issue a 1099-C for Settled Debt?

Also try searching the forums under "1099-c" and/or add the specifics of your situation to your search.

Good luck to you, and hope this is helpful for you!

[bloomingdale]

There are two possible reasons why Chase issued Form 1099-C to you. (1) The SOL must have expired and court made a judgment to the effect. (2) Chase may have a policy to discontinue collection after a certain period.

Concerning the non-reflection on credit report, there may be a problem with time of posting.