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Credit card co. forgave my debt but has it listed as "charge-off"...


Brokestudent2012
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coltsfan wont he have to declair that debt as income with the 1099 form.

Yes, but the question was if it is being reported correctly on his credit report, and it is being reported correctly.

But you are correct, it does have to be reported as income for tax purposes. Of course there are ways around having to actually pay the tax on that amount which I would guess almost all of us fall into, but it is income and it is being reported correctly.

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A charge-off is when the creditor accepts less than originally owed. When the credit company forgave your debt they settled for what you had already paid.

Originally Posted by Brokestudent2012

Is this correct, and is there any way for them to possibly just remove the account altogether?

Yes it is correct. Not without paying to have it removed.

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