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If a creditor sends you a 1099-a is the debt 'forgiven' and how will it appear on your credit report?
Receiving a 1099-A indicates that a creditor has taken possession of collateral or has transferred it, but it does not necessarily mean the debt is forgiven. This form may suggest that the debt was settled or dischargeable, but you are still responsible for any remaining balance unless explicitly stated otherwise. On your credit report, the debt may appear as "settled" or "charged off," which can negatively impact your credit score. It's essential to review your credit report carefully and consult with a financial advisor if needed.
What else can I help you with?
How do you find out who you owe on your credit report to improve your credit score?
When you pull your credit report you will notice at the very last pages of this report your creditor informaiton. This includes the name if the creditor, address, and phone number.
Can a creditor remove collection accounts from my credit report?
Yes, a creditor can remove collection accounts from your credit report if they agree to do so or if there is an error in the reporting.
Do collections appear on a credit report?
Yes, collections can appear on a credit report.
Can you ask your creditor to report new balances to the credit bureau?
No.
What does HC mean on a credit report?
HC on a credit report means High Credit. This is the highest amount of money a creditor has issued to you in the past.
How do you find out who you owe on your credit report to improve your credit score?
When you pull your credit report you will notice at the very last pages of this report your creditor informaiton. This includes the name if the creditor, address, and phone number.
Can a creditor remove collection accounts from my credit report?
Yes, a creditor can remove collection accounts from your credit report if they agree to do so or if there is an error in the reporting.
Do collections appear on a credit report?
Yes, collections can appear on a credit report.
Is it legal for a repossession to appear twice on your credit report?
IT IS NOT ILEGAL FOR ANYONE TO HAVE A DEBT SHOW UP TWICE ON THEIR CREDIT REPORT. THE BEST THING TO DO IS CALL THE CREDITOR OR COLLECTION AGENCY THAT THIS DEBT IS UNDER AND HAVE THEM REMOVE THE EXTRA INFORMATION OFF OF YOUR CREDIT REPORT. ASK THEM TO REPORT IT TO THE BUREAUS IN ORDER FOR THIS TO BE RESOLVED.
Can you be a creditor and only report on one company?
Yes. There are no laws stating that any creditor has to report to any more than one credit bureau (and the creditor is allowed to choose which one to report to).
How can you verify the date of your last transaction if the original creditor does not appear on your credit report?
If this is going through a collection agency you can tell them what you need to verify it was your debt and they have to get it from the original creditor. They have to get you whatever you need to verify it was your debt.
How do you remove charged off from your report?
Only the original creditor or the credit bureaus can remove a charge off from a credit report. You can negotiate to have them removed with the original creditor if they will let you. You can also dispute it to the credit bureaus and they will have 30 days to verify the listing or it must be removed from your credit report.
Can you ask your creditor to report new balances to the credit bureau?
No.
What does HC mean on a credit report?
HC on a credit report means High Credit. This is the highest amount of money a creditor has issued to you in the past.
What if a creditor is not on your credit report but trying to collect a debt?
You must pay all of your legitimate debts. A creditor is not required to report a debt to a credit bureau in order to collect the debt you owe.
Can a creditor report you to the credit bureau for 150?
Yes, they can report you for any amount they are owed.
How long will it take for a closed account to appear on your credit report if it is not a negative item?
That will depend on how frequently the credit reports to the credit buearos. Creditors may report monthly, quarterly or intermittently. If they are a relatively small firm, they may not report at all. You might want to ask the creditor when and to whom they report your credit information. Larger companies will have departments who specifically handle customer credit reporting.
