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I had to pay taxes on my defaulted credit cards…
Many years ago I lent one of my unused credit cards to a "friend", who promised to pay off her usage. She didn't, which caused the rest of my credit cards to increase my interest rate to 29%. I was then unable to make the minimum monthly payments on the credit cards that I was currently using. These credit cards ended up defaulting and the balances were reported to the IRS. I had to pay over $7,000.00 in taxes. Why are these credit cards still showing in my credit report? And, how long will these defaulted credit cards remain in my credit report?

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