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Thanks. I appreciate it..
I hadn't considered the impact of paying on the other 2 scores. That is a really good point since those are really starting to bloom. At this point, I think I'll just leave it alone and take the money I would have spent on CareCredit on my other obligations.
Time heals (most) wounds... and this can only get better from here.
It just seems wrong that if they are going to get a tax write-off and I'm going to have to pay taxes, that should wipe the balance out for the purposes of credit reporting. Getting a 1099-C is truly the worst of both worlds for debtors.
Anyway, I appreciate everyone putting up with me going on and on and on and on and on and on ..... and on and on and on ..... regarding this "edge case".
Cheers!
@designated_knitter wrote:Thanks. I appreciate it..
I hadn't considered the impact of paying on the other 2 scores. That is a really good point since those are really starting to bloom. At this point, I think I'll just leave it alone and take the money I would have spent on CareCredit on my other obligations.
Time heals (most) wounds... and this can only get better from here.
It just seems wrong that if they are going to get a tax write-off and I'm going to have to pay taxes, that should wipe the balance out for the purposes of credit reporting. Getting a 1099-C is truly the worst of both worlds for debtors.
Anyway, I appreciate everyone putting up with me going on and on and on and on and on and on ..... and on and on and on ..... regarding this "edge case".
Cheers!
@designated_knitter yeah expect points at 6 months, 12 months, 18 months, and 24 months on EX if it doesn't fall off before then.
and yeah they get a tax write off, but that also comes off of their asset column because it wasn't paid and is no longer expected to be collected. Therefore the 1099.
I'm definitely not a tax expert, but it would seem like if you paid income on the 1099 and later paid the debt, looks like you should also be able to similarly get a write off/credit, since you've already paid tax on it like income.
but I suppose plenty of people here have gotten charge-offs and 1099's? And I assume people have paid collections afterwards and I assume no one knows of a vehicle to get a credit if you paid tax on it as income?