How do you remove a forgiven debt from credit?

Question

I have a 1099 c form from a credit union and want to know how to handle getting this removed from credit/.

Answer 1

They may not be able to remove it but they can always mark it as paid or paying as agreed... or whatever the reason was that it had been settled. You need to contact the actual company and request them to do it. If not you can try doing a dispute through the credit report agency and then they would have a given amount of time to make a reply

Answer 2

The 1099c is income on your Federal and state Income tax return. Therefore, your credit report will show the debt paid off. However there are income tax to be paid on this. The idea ios that your paying you income tax rate to get out of debt.

Answer 3

if it is truly settled you can either call the Credit Union and speak to their credit department to get it reported correctly OR you can dipute it with the credit bureaus and they will remove if they either A) get no response form the creditor or B)are told by the creditor that the debt is settled.

Answer 4

If you mean from your credit report, you don't... they have mandatory credit reporting periods for good and bad.

You can contact them all by mail with a copy of the debt paperwork and see if they'll take it off... worth a try.

Answer 5

Wait 7 years, and it will be automatically removed. you don't have to do anything.