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


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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.


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