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I have a judgment from Bank of America on my credit report from an old checking account. They sent me a 1099-C cancellation of debt form. I called them and they said I no longer owe the debt and they will not try to collect on it anymore. I've tried to get it off my reports using techniques I read on hear but no success so far. Do you think I can mail the bureaus a copy of the 1099-C to get it deleted? Has anybody had any success with a 1099-C form?

Hello, In late December 2013 I received a letter from a creditor stating that they would no longer try to collect on a credit card debt but that they would be filing a 1099-C for 2013. The last payment, as listed on all 3 of my credit reports, is June 2007, so already nearing the 7 year mark. I have read that a creditor "should" file a 1099-C within 3 years of the delinquency but I do not plan to dispute the 1099-C or look for an exception, I will arrange to pay what I owe to the IRS. This debt, though in my name, is not actually mine but for personal reasons I cannot pursue things on that end and am taking one for the team so to speak. I could not easily afford to pay the entire balance owed or I would have done so previously. I just want to confirm that after 7 years I can still count on being able to get this account removed from my credit reports? Receiving the 1099-C and paying on it does not reset the clock in any way? Think I know the answer, just looking for some assurance. Hoping this painful ordeal is finally nearing the end! Thanks in advance.

So here is my 1099 story. The code they used is G - Decision or policy to discontinue collection. · Just got a 1099 from Bank of America. · BOA never attempted to collect the debt. · The debt dates back to 2003 when it was taken as a loss from the original bank. · The debt was bought and sold by a variety of CA’s several times through since 2003. · The account of debt was “returned” to BOA in December 2013. · BOA apparently bought the bank that originally gave me the credit card hence why they sent me the 1099 This is my debt – no question. Questions/Comments: · I want to try to settle or pay the debt. I am in a good place these days financially and I am more than happy to pay. · If BOA had contacted me before they issued the 1099, I would have engaged them. · This charge has not been on my credit report since 2005. · Now, they are ignoring me. · What would y’all do in my case? · Just take the tax hit and not worry about it? · Try to contact BOA again?

There's growing chatter here as of late about the flurry of 1099-c forms going out to (former) debtors. Before the threads go in a hundred different directions, I was hoping we could wrangle all the questions and answers into one thread or perhaps one of the board gurus can slap together a Master Thread. I ask this not only in the spirit of altruism (so that future generations can find a central repository for our knowledge and not go nuts as we all did in the past looking in 100 places for one answer to one question), but also for personal reasons... The gurus here helped me fix up my wife's and my credit years back (thanks again) so I moved on to helping the family. My brother's repair has been a thorn in my side for YEARS. It went well at first and I took care of everything EXCEPT two chargeoffs...I've been stuck on them for YEARS. I've tried everything (except paying, LOL) without any movement. Today, however...he got two of those 1099-c forms stating "We will no longer attempt to collect the unpaid debt on your account"--one from Chase and one from Citi. This, obviously, is something new and I want to figure out how to leverage it in my favor with regard to credit repair. In other words, any movement on the part of the creditor is good news--it's just a matter of figuring how to work it into a deletion. So...If I'm reading the other threads correctly (and please correct me if I am wrong): 1) The amount on the 1099-c must be factored into his income and taxes paid on it. In other words, if chase is 2k and citi is 1k, he's going to owe tax on 3k. Assuming federal tax to be around 30% for his current bracket, that would be about $900 which is great news as paying that would be a lot less than $3,000. 2) Furthermore, if he can prove he was insolvent at the time (he was), he will pay nothing 3) Any "Identifiable event code" other than "H" (his was "G") means that the debt was written off and not sold off. In other words, no CAs will be harrassing him (?). I don't know if that's all correct, I'm culling it from other answers in other threads. If not, please let me know. Anyway, this brings us to the big question vis-a-vis credit repair (this is the purpose of the Web site, after all): ARE THERE ANY NEW SUGGESTED STRATEGIES FOR REMOVING THE CHARGE-OFFS ASSOCIATED WITH THESE ACCOUNTS NOW THAT THE LENDERS HAVE OFFICIALLY WASHED THEIR HANDS (1099'D) OF THESE DEBTS? I see the angle here for the lenders--the banks are probably getting more of a net addition to their balance sheets by writing it off as bad debt since, in this day and age, collection agencies are bidding less and less for debt (especially small debt) and with any luck they will soon go the way of the dodo. In other words, the banks are doing it with the bottom line in mind, not to help people (even if they do so in a roundabout way). Anyway, the banks are minimizing loss on the debt and they are happy, does that mean (I'm assuming/hoping so) that they now could care less whether or not there is a CO on Joe Schmoes CR? In other words, will a deletion through a dispute--or, perhaps a Goodwill letter--be easier now? Any answers from experience, gut feelings, crystal ball-readings or jut plain educated guessing will be great for the discussion.

As some of you know, last March, I received a notice from the IRS that I had underreported my income for 2010 by more than $2700 as a result of 1099-C filed by Portfolio Recovery Associates. I argued my case with the Automatic Under Reporter unit but, this past August, I was issued a Notice of Deficiency with a tax bill (including interest) of over $800. While this isn't a huge sum, I objected primarily because the debt that generated this supposed income was defaulted on in the mid-90's and I believe that I had evidence that an "identifiable event" had occurred long before 2010. Rather than paying up, I decided to take my case to Tax Court. I filed my petition in November, received the IRS' answer in December and was contacted by the IRS Appeals Office in February. I provided my Appeals Officer with documents (monthly statements and letters) as well as an outline of how case law supported my position. I had my Appeals Conference this morning and I am THRILLED to say that, after reviewing the facts, the appeals officer sided with me - I do not have to include the $2700+ from cancellation of debt in my income and no additional taxes are due!!!! My only "gripe" is that this decision does not include the taxes that I have already paid on a 2nd, smaller 1099-C issued by PRA for the same year. At the time, I wasn't sure how to fight it but I knew that the IRS would have record of it so I included it. (For the record, Turbo Tax doesn't give you much info about how to deal with 1099-Cs.) I included this amount in my petition to the Tax Court, indicating that I was due a refund for any taxes paid ($175 by my count) so, if we had actually gone to court, I think I could have gotten a ruling on this as well. The appeals officer indicated that I could file an amended return but I will have to talk it over with my wife and tax advisor. My case was quite similar to another recent Tax Court case - Stewart v Commissioner (2012) - same original creditor, same junk debt buyer, default occurred in mid-90's, 1099-C issued years later after debtor sent cease communication letter, etc.. My petition was different (I stayed away from issues that were dismissed by the Court) but this opinion is a must read for anyone who receives a 1099-C for an old, out of statute debt. Each case is different but I believe that the thing that swayed the appeals officer was the amount and type of documentation I provided. If you don't have anything because it's an older debt, you'll probably have a tougher fight. Thanks for the support and info I found on this board while I was researching this issue and preparing my case.

Discover sent me a 1099-C in January 2012 for an business account that I was guarantor for and which was discharged personally in BK Ch 7. Now after disputing it with OC using Section 623, they started sending bills addressed to the business at my home address. My question is, once they enter 1099-C, how can they keep billing for it to the business entity? Business name is similar to my name, is their sending this to my home address some kind of violation that could be used to get it deleted from my personal credit report?