My husband received a 1099c form stating that a debt he owed to a credit card company had been cancelled on 12/31/06. Should his credit report state that he no longer owes this money because it has been canelled?
2007-02-14 03:41:50 · 3 answers · asked by Anonymous in Business & Finance ➔ Credit
it can take 3 - 6 months to reflect on your credit report...If you get a detailed copy of your credit report, there is a way to file discrepencies...and have negative things removed. I'd do that.
2007-02-14 03:45:40 · answer #1 · answered by Anonymous · 0⤊ 0⤋
It still shows as a debt unpaid, it just says that the company has written the debt off. You should still make the effort to pay this off (sooner or later) cuz it takes like 7 years sometimes to have this kind of thing removed from your report. Plus if you do pay it off you can ask the company to report the debt as satisfied and it will improve your credit score/rating. And on top of it when looking into making larger purchases (car, house ect) alot of places that finance look at details like that and will be reluctant to lend to you if you have something showing you never paid it off but instead it was written off by the company.
There is also a good chance that even if the company writes the debt off that someone else has the account and will persue you, like they sold it to another company that specializes in it, they can't show you as owing the debt and have someone else showing you as owing the same debt.
2007-02-14 03:55:10 · answer #2 · answered by MOMMY585 5 · 0⤊ 0⤋
it will report as a charge off
2007-02-14 03:46:11 · answer #3 · answered by golferwhoworks 7 · 0⤊ 0⤋