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SpikeIsConfused

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Why is there a balance showing on a charged off account when I was issued a 1099 for that account?
The 1099 is issued for forgiven debt, becomes income and I had to pay income tax on it. Why isn't there a zero balance on the accounts?

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Charge-offs / 1099s

A charge-off will stay on your credit report for 7 years from the date the account went delinquent.  The debt has been "forgiven" in the sense that the creditor will no long attempt to collect payment for the amount charged off.  If you want to figure out when the charge-off will be removed from your credit report, you may contact the creditor and ask them when the last payment was made.  The date of delinquency would be 30 days after your last payment.  Hope this helps!

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Best to call the Company up that is showing a Balance for the charged off amount.

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