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I hope I have great success. I also had a judgment that I received a satisfaction release of judgment on at the bottom under order it says " IT IS HEREBY ORDERED that in accordance with paragraph 12-183(h) Code of Civil procedure that the judgment heretofore entered by the Court in the above entitled manner is hereby vacated and held for naught. IT IS FURTHER ORDERED that the above entitled matter be and the same is hereby dismissed." Vacated does that mean i could have it removed from the report?
Yes it does. Both vacated and dismissed are used. Either on should get it gone.
I smell another CFPB complaint I submitted and got the results back all they did was mark it paid or satisfied.
I put the vacated and held for naught part in the letter I don't know why that wasn't enough should i proceed with the CFPB complaint.
Have the the orders that say vacate and dismissed been recorded yet? That could be the issue.
Yes it has been recorded I sent that paper along with it with the recorder stamp and signature or sticker with the recorders number on it.
I am quire surprised that the CRA would not simply update the debt balance to $0!
When sending a 1099c, that is an official statement by the creditor that the debt is cancelled. Not paid or simply charged-off, but cancelled.
Thus, there is no remaining debt.
Seems like a no-brainer to me unless the CRA asserts that the 1099c cannot be matched with the specific account/debt, and thus does not relate speciically to the account under dispute.
+1 on filing a formal complaint with the FTC or CFPB.
Just make sure that your complaint clearly matches the cancelled debt with the specific account, and you have a factual statement of no debt.
Whether the CRA would be liable for violation of the FCRA would depend upon whether their verication had an arguable basis, such as lack of matching of the cancelled debt with the disputed account.
If the 1099c clearly identifies the debt, then verification of accuracy of a reported debt on the account would, in my opinion, be negligence on their part.
Pursuit of damages against the CRA would not be obtained via complaint to the gvt regulatory agenicies, but rather pursuable by bringing your own civil action against them.
I can share my 1099 reporting related to a Chase account.
I sent a copy of the 1099 to all 3 CRA's . Only Transunion updated account as Paid, Zero balance. The others did nothing.
For the next month, I called Chase and e-mailed their executive office. Their response ? The reporting is accurate and they cannot reflect zero balance since the bank took a loss and it was never paid. The 1099 is just an IRS requirement. Any change to the account would destroy the integrity of the credit reporting.
I filed an CFPB complaint. They sent to Chase . Chase responds account is reported properly and customer was notified. CFPB closes case.
@wa3more wrote:I can share my 1099 reporting related to a Chase account.
I sent a copy of the 1099 to all 3 CRA's . Only Transunion updated account as Paid, Zero balance. The others did nothing.
For the next month, I called Chase and e-mailed their executive office. Their response ? The reporting is accurate and they cannot reflect zero balance since the bank took a loss and it was never paid. The 1099 is just an IRS requirement. Any change to the account would destroy the integrity of the credit reporting.
I filed an CFPB complaint. They sent to Chase . Chase responds account is reported properly and customer was notified. CFPB closes case.
The debt wasn't paid because it was forgiven. That is the purpose of the 1099-C - forgiven debt.
Ask any attorney and they will tell you if the debt is forgiven and you pay taxes on it, they have to report a 0 balance.
guiness,
so I tried sending 1099 to CRA's and complaint with CFPB with no luck, what further action can I, or should I, take ?
Chase refuses to report zero balance. I have also threatened so sue both Chase and CRA's.