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Citi/CBNA strategy question

The last post in this topic was posted 995 days ago. 

 

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I have a Citi/Cbna account that has a balance and is in a charged off status.

It only appears on one of the bureaus.

 

Other than a dispute with the cra, what is the smartest approach to handling this?

 

It's for 2800 dollars and is about 5 years old.

 

Anyone ever hear of citi doing a PFD?

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Yes i found out that it is out if SOL and they have already sent the irs a 1099.

I am in NC.

 

They OC said they can't accept payment on it and cant even send me an invoice in it because it's past SOL and that they cant even pursue collection activity.

 

If its past SOL isn't being on the cresit report itself collection activity?!

 

It's been 5 Nd a half years since date of first delinquency.

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They also assured me it don't be sent to a collection agency. But the original citi/cbna tradeline is still showing on one cra. And they keep verifying it.

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Yes i found out that it is out if SOL and they have already sent the irs a 1099.

I am in NC.

 

They OC said they can't accept payment on it and cant even send me an invoice in it because it's past SOL and that they cant even pursue collection activity.

 

If its past SOL isn't being on the cresit report itself collection activity?!

 

It's been 5 Nd a half years since date of first delinquency.

 

The OC is correct. Since they issued you a 1099 on this debt, that basically cancels the debt. By doing this, the OC has written it off and they cannot continue to collect, which means they can't accept a PFD. You do have to report it in your taxes, however. I'm not a tax professional but I think it's basically considered part of your income. I wouldn't worry too much, I was in a similar situation and it didn't really have a significant bearing on my taxes. However, if you can prove you were insolvent at the time you can look into other options.

 

 

They also assured me it don't be sent to a collection agency. But the original citi/cbna tradeline is still showing on one cra. And they keep verifying it.

 

They can still report the information of your credit report as long as it's yours and accurate. The negative TL will age off after 7 years of DOFD on its own.

 

 

I will let others chime in with further options for you since some people on here might have better insight. In my own situation, I waited until mine aged off and that might be what you have to do. Since you don't have the leverage of being able to PFD and you say they keep verifying the disputes, it might be difficult for you to remove it before it ages. If you do go that route, EQ and TU will usually remove obsolete TL early.

 

 

ETA: Just having the TL on your credit report is not considered collection activity. They have a right to report accurate information for up to 7 years, in the case of negative information.

 

I also wanted to include that since they issued a 1099, they are required to now report the balance owed as $0.

Edited by onceuponadime

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Is it a violation if they are reporting a large balance?

 

 

 

 

 

 

Yes i found out that it is out if SOL and they have already sent the irs a 1099.

I am in NC.

 

They OC said they can't accept payment on it and cant even send me an invoice in it because it's past SOL and that they cant even pursue collection activity.

 

If its past SOL isn't being on the cresit report itself collection activity?!

 

It's been 5 Nd a half years since date of first delinquency.

The OC is correct. Since they issued you a 1099 on this debt, that basically cancels the debt. By doing this, the OC has written it off and they cannot continue to collect, which means they can't accept a PFD. You do have to report it in your taxes, however. I'm not a tax professional but I think it's basically considered part of your income. I wouldn't worry too much, I was in a similar situation and it didn't really have a significant bearing on my taxes. However, if you can prove you were insolvent at the time you can look into other options.

 

They also assured me it don't be sent to a collection agency. But the original citi/cbna tradeline is still showing on one cra. And they keep verifying it.

They can still report the information of your credit report as long as it's yours and accurate. The negative TL will age off after 7 years of DOFD on its own.

 

 

I will let others chime in with further options for you since some people on here might have better insight. In my own situation, I waited until mine aged off and that might be what you have to do. Since you don't have the leverage of being able to PFD and you say they keep verifying the disputes, it might be difficult for you to remove it before it ages. If you do go that route, EQ and TU will usually remove obsolete TL early.

 

 

ETA: Just having the TL on your credit report is not considered collection activity. They have a right to report accurate information for up to 7 years, in the case of negative information.

 

I also wanted to include that since they issued a 1099, they are required to now report the balance owed as $0.

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