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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.
That would be awesome thanks.
Any word on that lawyer yet?
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.
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.
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
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:
I will continue to research...