Jump to content

1099-C form, cancellation of debt, Credit score up/down/stay?


IdoNeedHelp
 Share

Recommended Posts

Hello,

I have 2 questions here, I will make it short.

1.Chase sent me a 1099-C form, cancellation of debt, should they report the balance as zero to CRA? Do they have to report it as zero? (chase is still reporting full balance after 7 months)

2.If yes to the question above, is my credit score going to increase because balance from $10,000 down to zero.(I owned $10,000, it is a charge-off account. )

If the score won't change, then I don't want to bother contacting the OC or CRA.

Thanks.

Link to comment
Share on other sites

  • 2 weeks later...

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

 Share

×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.. For more information, please see our Privacy Policy and Terms of Use.