1099-C Not Matching Credit Report

[Anonymous]

For tax year 2015 I received a 1099-C for a Chase credit card in the amount of $1184. This was included in my tax return for 2016. I am now in the process of cleaning up my report as best I can. My credit report shows a charge off with a balance of $5251 for that card and a last report date of 9/2015. I was unable to make payments starting around 4/2014. From my limited experience I think I show do something but not sure where to start.  Thanks for reading!

[RobertEG]

The 1099c states how much debt was reported to the IRS as being cancelled.

Is your issue that they did not cancel the entire debt, or that you feel they did cancel the entire debt, and thus the 1099c should have shown a larger amount?

[Anonymous]

I don't recall how much the original debt was. I was making an assumption, perhaps incorrectly, that a mistake was made. Is it possible they would only cancel a portion of this debt? It was a credit card.

[GA8080]

I received a 1099-c from Chase around the same time period. The balance did not match because the 1099-c doesn't include interest.

I called the 3 credit CRAs and told them that there should be no balance reporting bc it was cancelled, faxed the 1099c to them, and they reduced the balance to zero. The next month, one of the CRAs updated the balance to reflect the full amount again because Chase was still reporting it. I sent an email to the Chase EO letting them know that the balance was updating incorrectly and asked them to delete the tradelines and they did!

I believe the key words I used were the following: When I received the 1099-c and subsequently reported the amount as income on my tax return and paid taxes on it, the balance transformed from debt to income.

[Anonymous]

That's a lot of interest! Ideally I would like to get all of them removed as they appear to be incorrect from the statement above. Should I start with letters to the CRA's disputing the entries? Or do as above and call to have them reduced to zero?

[GA8080]

Calling the CRAs was super easy and the balanced
was changed to zero within a day or two. Mine was also still updating monthly and I wanted that to stop so it would age. This will at least take it out of your utilization. Make sure you tell the CRAs the date it was cancelled from your 1099 so that they don't update the line to a more current date when they change the balance. Then you can email the EO and ask them to remove using the debt transformed to income line I gave you above. I will pm the EO email I used.

[Anonymous]

So after a little more investigating the balance on my credit report appears to be accurate at around $5k.  The 1099-C amount would appear to only be a portion of that. Really confused now.  I have received no collection calls on this......if I start poking around could i awaken a sleeping ginat?