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Hello!
I have a credit card charge off / write offf on my credit report. This debt was charged off and I recieved a letter saying they were no longer attempting collect and then I got a 1099C for the debt. I checked my report recently and it still shows monthly updates with FP (failure to Pay) on my report. Can they still report monthly failure to pay even after I got a 1099C? Does it realy matter if they do or not? It will be taken on my report in 6 months. Just curious Thanks!!
Cancellation of a prior debt requires update of the current debt balance to $0.
It is a form of discharge of the debt, which could also be by way of payment or BK.
Cancellation of the debt by sending a 1099c does not negate the fact of any prior derogs that occured and were reported, such as monthly delinquencies or a charge-off.
However, discharge of the debt should terminate any continued filing of monthly updates of delinquency status.