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Found 6 results

  1. Let me get this straight... If you have received a 1099-C from the OC, and have asked the credit union to verify the details and it came back as verified and is still listing a balance that is not 0; file a lawsuit and have fun with it?
  2. I received a 1099-C last year for a closed business credit card from an original creditor (account closed in 2009). Despite the issuance of the 1099-C, the full amount of the charge off is still reporting on my credit reports. My understanding of 1099-C's and credit reporting is if the original creditor intends to report to the credit bureaus, it should now be reported as: "Balance Due $0." I had one other account fall into this scenario and that bank changed its reporting to "Balance Due $0". I plan to dispute the legitimacy of the charge off, the amount stated on the 1099-C, and how it is now reported to the credit bureaus. I am considering litigation or arbitration of the dispute. I think the 1099-C / credit reporting issue may be an FCRA violation, but having a hard time locating the correct rule or statute to support me. Can anyone advise what rule or statute states that post issuance of a 1099-C the credit reporting amount should be $0 ? Thank you.
  3. So April 15th is right around the corner and if you're like me, you're waiting until the last minute to file. I'm in process of gathering up everything I need and it just so happens I received a 1099-C this year for cancelled debt from an original creditor. Now I'm not complaining that I received it - I walked away from a pretty decent amount of credit card debt several years ago and was only sued on one account by a JDB (dismissed) - after all that if all I have to deal with is a some extra tax liability, I'm okay wit it. I'd much rather give the IRS some money than some scumbag JDB. That being said... the IRS does allow some exceptions for cancelled debt and it's worth looking into, you never know you might not have to pay that little extra in tax liability. I don't know too much about this yet, but I'm starting this thread because I'm going to be looking into it over the next few days and maybe some us will benefit from it. There are some threads where members have mentioned having done this successfully, but that info is scattered around, thought we could use a resource. So far what I understand is that if a person was insolvent (amount of their liabilities exceeded the amount of their assets) at the time immediately before the cancellation, then the 1099-C amount may be be excluded, entirely or partially, from their income. Relevant info and examples here: http://www.irs.gov/publications/p4681/index.html#en_US_2014_publink1000192043 IRS Form 982 and instructions Will follow up once I learn more.
  4. I've posted a few times on this topic and came across an interesting article and comments from a leading credit industry expert and directly from Experian on the matter tonight. I had to post this for your thoughts and comments. After receiving an IRS 1099-C form from a creditor, also known as a "Cancellation of Debt" form, there is a debate on the creditor's continued legal right to collect, and how the matter should be reported to the credit bureaus. Regardless of where you (or court opinions) stand on the issue of future debt collection, the secondary issue of credit reporting appears to handled differently by different banks. One bank may report a balance of $0 after issuing a 1099-C, while another will continue to report the full balance as still due and payable. The following article, written by credit expert John Ulzheimer, sides with the position of an account being reported as "Balance Due $0" after the issuance of a 1099-C. Even more interesting, Experian's Vice President of Public Education stated on this topic: “If the lender agrees to settle the debt for a lesser amount, the account should be reported with a zero balance because the consumer no longer owes anything to the lender. The tax burden is between the consumer and the IRS." Here's the full article: http://blog.smartcredit.com/2012/11/01/why-did-i-get-irs-form-1099-c-from-my-credit-card-issuer/ Has anyone sent a copy of their 1099-C to a credit bureau and successfully had them change a reporting balance to $0 ?
  5. Hi, I recently received a 1099-C from a bank. The 1099-C form states a code for the "triggering event" that caused them to issue the form. In this case it is Code G - which is defined as: "Decision or policy to discontinue collection." The form also states "Cancellation of Debt." However, the same creditor also updated the alleged debt on my credit report after issuing the 1099-C. My question is, updating an alleged debt on a credit report has been deemed collection activity by the courts - which is contrary to Code G - Decision or policy to discontinue collection. While I know there are cases of collection attempts after a 1099-C has been issued, for credit reporting purposes, cant they still continue to report while telling the IRS they have made a "Decision or policy to discontinue collection" ?
  6. I am seeing conflicting info on the boards in regard to 1099-c. Someone who knows 100% please clarify. Here is my situation Got 1099-C Cancellation of Debt from Chase yesterday. Amount of debt discharged approx $8500 Date of identifiable event Middle October 2012 Box 6 = G Decision or policy to discontinue collection. Balance listed on Credit Report approx $9500 Question is: If cancelled/discharged by definition that means I don't owe right? Does Chase have to adjust my balance to reflect the amount they discharged? If yes, what do I say or write to them to get them to remove or update my CA?