1099c for credit card debt

Date: Tue, 11/13/2012 - 17:18

Submitted by anonymous
on Tue, 11/13/2012 - 17:18

Posts: 202330 Credits: [Donate]

Total Replies: 3

1099c for credit card debt

I received 2 1099c for cancelled credit card debt from 2007 which I paid for on my Taxes ( did not claim insolvency) but they still appear on my credit report and are still accuing interest, which is increasing my debt to income ratio. If the debts are cancelled, can they still be on your credit report as "charge-off" and can they still maintain the same amounts with interest still accuing? Also, what date will they drop off of your report, and can these accounts be resold?

Welcome to the forums!!! Any negative item will remain on your c

Welcome to the forums!!!
Any negative item will remain on your credit report for 7 years from the date of your first default.

lrhall41

Submitted by anonymous on Tue, 11/13/2012 - 20:50

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The tradelines would appear on your credit report till 2014 but

The tradelines would appear on your credit report till 2014 but what I do not understand is how the balance is growing. The account should be marked as 'closed' after it had been canceled. There must be some bookkeeping error somewhere. Was the account in collections or with the OC?

lrhall41

Submitted by Steve Barris on Tue, 11/13/2012 - 21:00

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See, the trade line will be there on your credit report for 7 lo

See, the trade line will be there on your credit report for 7 long years. You can't remove it from your credit report. However, I don't know how the interest is accruing? Are you sure that debt has been really paid off? Do you have documents that can help you prove that the debt has been paid off?

lrhall41

Submitted by anonymous on Tue, 11/13/2012 - 21:24

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