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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
  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 b
  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
  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 c
  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 C