2 - 1099-C from 2 differnt CAs for same debt

[Anonymous]

I just rec'd a 2nd 1099 in the mail from a 2nd collection agency for the same debt, how is that possible?

OC is GE Cap for $3511, both 1099's are for 1444.77

How can I get a 1099 from 2 different collectors, does this mean they both bought the debt and can both write it off?  I just don't get it and I don't find it fair to be taxed twice.

Side question - when the debt becomes 7y180d old with the OC will all reporting parties fall off or just the OC?  If just the OC can I dispute the CAs as obsolete?

[RobertEG]

Obviously, you didnt pay the same debt twice.

I would file both with the IRS, and include an explanation and records showing who you paid.  Claim it only once, and let the IRS figure out the legitimacy of their filings.

One is clearly wrong.

As for credit report exclusion, it is not based on the debt attaining a certain age.  It is based on a reported adverse item attaining a certain age.

As for the OC account, it will continue to report, with any adverse item reported by them being individually excluded once its exclusion date has passed.

What adverse items were reported by the OC?

As for the collection, an entire collection is, by definition, an adverse item, and ceases to be included in your CR beyond 7 years plus 180 days from the DOFD on the OC account that led up to the collection.

Each have their own dates and exclusion provisions.

[Anonymous]

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@RobertEG wrote:

Obviously, you didnt pay the same debt twice.

I would file both with the IRS, and include an explanation and records showing who you paid.  Claim it only once, and let the IRS figure out the legitimacy of their filings.

One is clearly wrong.

As for credit report exclusion, it is not based on the debt attaining a certain age.  It is based on a reported adverse item attaining a certain age.

As for the OC account, it will continue to report, with any adverse item reported by them being individually excluded once its exclusion date has passed.

What adverse items were reported by the OC?

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I didn't pay anyone.  It's marked as charge off with the OC and Settled for less than full balance with the 1 reporting CA.

[2NE1]

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@Anonymous wrote:

I didn't pay anyone.  It's marked as charge off with the OC and Settled for less than full balance with the 1 reporting CA.

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You should perhaps write a GW letter to GE Cap and have them remove the charge-off from your report. I used to have a CHASE charge-off acct that was purchased by EAF LLC a CA, which I settled for less. I SENT BOTH GW letters. CHASE agreed to delete it and EAF LLC agreed to delete as well but sent me a 1099-C form, mine was for $754 though. I just included it on my tax return, they only took $30.

You can check out the post I had in regards to 1099-C [http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/1099-C-2011-Cancellation-of-Debt/m-p/1175289#M164027]

But you should probably follow RobertEG advice!