Posted on: 19th Mar, 2012 01:51 am
Hi folks!! I need to know that when charge-off accounts fall out of one's credit report after 7 years, will each of the original creditors send 1099-C forms.
Hi Bantel,
It is not mandatory for the CA or the creditor to issue the 1099c forms. There are various other reasons why a creditor would issue you a 1099c form. As far as I know, charge off and falling off your credit report are not any of the reasons. Also, as far as I know, they must issue a 1099-C if the amount is over $600. Apart from this, it must be issued within three years of the default.
Thanks,
Jerry
It is not mandatory for the CA or the creditor to issue the 1099c forms. There are various other reasons why a creditor would issue you a 1099c form. As far as I know, charge off and falling off your credit report are not any of the reasons. Also, as far as I know, they must issue a 1099-C if the amount is over $600. Apart from this, it must be issued within three years of the default.
Thanks,
Jerry
Hi Bantel!
Welcome to forums!
I agree with Jerry's opinion. Moreover, if you have paid off the charged off accounts in full, then there is no reason for the CA or the creditor to issue a 1099c form.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
I agree with Jerry's opinion. Moreover, if you have paid off the charged off accounts in full, then there is no reason for the CA or the creditor to issue a 1099c form.
Feel free to ask if you've further queries.
Sussane