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1099-C BOA Charge Off Account don't know what to do?

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DaBears
Senior Contributor

Re: 1099-C BOA Charge Off Account don't know what to do?

Something is just not making sense. They can not report like that. Let me contact a lawyer I know on my end. He's not even a consumer lawyer. 

Message 51 of 57
labeledjl
New Contributor

Re: 1099-C BOA Charge Off Account don't know what to do?

That would be awesome thanks.

Message 52 of 57
labeledjl
New Contributor

Re: 1099-C BOA Charge Off Account don't know what to do?

Any word on that lawyer yet?

Message 53 of 57
silverzgirl
Regular Contributor

Re: 1099-C BOA Charge Off Account don't know what to do?

Years ago I had BoA validate (I live in TX...OCs fall in with collectors) with a zero balance statement. COs do not zero out, so was waiting for some bottom feeder. Instead BoA sued. I elected arbitration long before so they were forced out of court and told to arbitrate. They defied the court order, then sent a 1099C.

 

I sent the statement and the 109(C to all three CRAs. TU removed the balance and it shot up 25 points. EQ and EX insist they are reporting correctly after multiple attempts. I used CFPB and am awaiting results but my EQ plummeted from 655 to 621. Jumped to an whopping 628 when two paid off accounts reported zero.


Am following this thread with great interest. My final act will be disputing with BoA and then a suit against EX and EQ (who just lost a multimillion dollar suit for not updating properly.)

 

ETA: CFPB came back...in no great surprise, EQ says BoA is reporting correctly because they said so. No surprise they are my worst score right now, either. They dropped 30points when BoA "investigated" which means they probably threw another update in there.

Starting FICO, June 2010: EX-581, EQ-581, TU-581
Now: EX-742 EQ-710 TU-709

Currently: NFCU Platinum Visa 18K, BECU Visa 15K, Navchek 15K, Vystar+ CU Platinum Visa 10000, AMEX Delta SkyMiles 9K, Military Star 8200, Nordstrom VS 7800, Macys 7600, Lowes 6K, Pier 1 6K, Mohawk Floor 4500, TJX Mastercard 4K, Pottery Barn 4K, Amazon 3600, Talbots 3000, Barclaycard 2400, Ann Taylor 2280, Ballard Design, 1500, Victorias Secret 750, NY&CO 500, J.Crew 300



Message 54 of 57
labeledjl
New Contributor

Re: 1099-C BOA Charge Off Account don't know what to do?

Sorry to hear that about EQ i'm having the same problem with them only the other two are $0.  After my second CFPB complaint still no change they say they are reporting correctly which is a bunch of BS and my statute of limitations is 5 days away.  I'm in desperate need of help to get this deleted or marked $0.  Look at it like this Joe's doctors appointment was canceled therefore no more appointment.  My debt was cancelled therefore no more debt, very simple here unless im dumb which im not.

Message 55 of 57
labeledjl
New Contributor

Re: 1099-C BOA Charge Off Account don't know what to do?

As of now all the attempts made at zeroing out the balance with equifax are no go.  BOA just changed my zeroed out experian and transunion back to the orignial balance so all my work is for nothing.  Im soo mod edit pissed right now.  They lawyer dabears refered me to is trying to help if he ever picks his phone up.  so im back to square one and for those wanting proof of a 1099c success story in court look up In re Reed 492 B.R. 261.

 

mod edit-Lexie

Message 56 of 57
TX_to_Cali
Member

Re: 1099-C BOA Charge Off Account don't know what to do?

I have been having the same problem with 3 accounts from BOA that I was issued 1099C's for.  I have tried CFPB route and recieved response from BOA stating they are entitled to continue reporting original balance even after 1099C is issued because the 1099C is only for "tax" purposes.

 

I have done additional research because I still beleive this is a loophole in the system and not faire to consumers to face double jeopardy.

 

I have found the following which while unclear shows there is still a lot of cloudiness to this issue:

 

http://www.bairdholm.com/in-the-news/entry/my-bank-issued-a-form-1099-c-to-a-defaulted-borrower-can-...

 

I will continue to research...

 

Message 57 of 57
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