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2 CO's on the same account?


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Can a creditor have two chargeoffs on the same account?

I have a chargeoff for 5/02 and again in 5/06 when I disputed the account for the first time.

Don't creditors get a tax write-off for charge offs if so how can they CO the same account 4 years later?

p.s. Capital 1

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Well, I hate posting to my own post but as soon as I submitted this clicked on my email, I found that the results from my experian dispute was in and the mention of the May CO was gone from the report and in place was a June 2006 CO and May 5/02 CO.

They listed accrued interest since 04 but none previous to that date.

What do I do next?

MOV or ????

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OK, let me see if I have I have this straight----This first charge off is when they write off the account. The last CO is where the write off the accrued interest on the account?

So, I need to get in touch with Capital One to get a 1099c from them? If I do I am not sure why...........please excuse my ignorance here.

The thing about this account is it keeps being verified but on one CRA they list the DOLA as 5/01 (3 months before the actual account was supposed to be opened as listed on the other 2 CRA's in 8/01) The other 2 CRA's don't list a DOLA.

Listen, I think that I have some kind of grounds here for a total delete but I am so GREEN that I don't know which direction to turn. So I really appreciate all of your input and wisdom!!!!!!

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We often use the terms "charge off" and "write off" as though they meant the same thing...but they don't. "Charge off" means they've taken a charge against accrued income for tax purposes. Doesn't mean they've forgiven or forgotten the debt. "Write off" means they will no longer carry it on their books, and, on your CRs, it would say "write off/ sold to another lender"...and the balance on their TL would be $0. Even a "write off" doesn't mean they've forgotten about you. Chances are, they'll sell it to a JDB who will pay pennies on the dollar for the right to continue to hassle you.

Even the IRS doesn't make it perfectly clear, but, they're kind of saying when a "charge off" becomes a "write off", the OC needs to issue a 1099c to you stating the amount of "income" you received. Note that the way the IRS rules are written, if the OC ever sues, and you use the SOL defense and win, then the OC is supposed to issue a 1099c at that point.

So...what's all that mean? Don't know...

But...if indeed the OC is reporting different dates, then you might have grounds to get the TL corrected...I don't know about getting it deletect because of that. And also, the only date that matters is the "date of first delinquency" which is what determines how long the negative TL can stay on your CRs.

As for demanding a 1099c from the OC...here's the logic. Once they issue the 1099c, the OC is saying they no longer have an interest in collecting...they have "written off" the debt. Yes, you might have to pay taxes on it. Yes, there still might be a JDB who tries to collect. But, you might...repeat might...also have a legitimate defense if they try to sue.

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