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Justin
Joined: 17 Jul 2006
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Posts: 1240
28942 Magic Points
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Tue Jul 01, 2008 10:08 am
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hi charles
The listing in your credit report must be from a CA or a creditor from whom you have borrowed money at some point of time and have not repaid it. If you think that you do not owe any money to anybody, you may send them a DV letter asking them to validate your debt. They will take 30 days to validate your debt from the date they receive your letter. If they don't reply after 30 days sent a dispute letter to the CRA telling them that you do not agree with the listing.
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All the Best 
Justin |
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charles brown
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Tue Jul 01, 2008 11:14 am
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| not to my knowege |
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JT
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Subject: Unique Collectiona
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Tue Jul 29, 2008 6:54 pm
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To avoid Unique getting the collections fee, go back to the original debt and just pay up.
I did get a hold Unique and they encouraged me to settle with LA City Library. I did this for a reduced fee and the issue was off my report in 1 cycle.
I would rather give my DUE money to the local public entity any ways.
building up from 605 |
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anthony
Joined: 31 Jul 2006
anthony's page
Posts: 516
13571 Magic Points
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Thu Jul 31, 2008 8:39 am
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Hi Charles
The CA listing is shown in your credit report only when the original creditor sells off the debt to the CA, else the name of the original creditor is displayed in the credit report as far as I know. Since you are sure that you do not have any debt, you can directly dispute the listing with the credit bureaus, who will verify the listing with the CA and remove it from your report.
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Anthony Marx
A positive attitude is not achieved by turning a blind eye to the negative, but rather by responding to every situation in the most positive way possible. |
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fireyone
Joined: 26 Feb 2008
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Posts: 4285
127 Magic Points
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Thu Jul 31, 2008 6:38 pm
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| Sounds like you got some good advice here. Please be sure that you get the debt validated. If it is not your debt then they shouldn't be able to validate. |
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goodnatured
Joined: 03 Nov 2007
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Posts: 3927
10 Magic Points
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Mon Aug 04, 2008 3:06 pm
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JT,
I have dealt with several collection agencies and many, many times once the account is sold off or charged off the original creditor is well off the books.
If the account is over $600 the original creditor has probably already reported off to the irs as a loss and will soon come back to haunt you via a statement of income and you will have to revamp your taxes for that year and probably end up owing the IRS because you did not pay the taxes on that income, This happened to me. It was a few years later, but it happened to me.
So this is a way for you to know that the original creditor has completely washed their hands of the debt. You will probably only be able to pay through the collection agency.
This is just what I have experienced as far as a charged off debt.
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fireyone
Joined: 26 Feb 2008
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Posts: 4285
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Tue Aug 05, 2008 3:38 am
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| What exactly are you saying GN. that if someone writes off your debt that it is then considered a profit for you that has to be taxed through the IRS? I am not quite understanding this and have never heard of it before. |
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erb1953
Joined: 31 Dec 2007
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Posts: 573
-53 Magic Points
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Wed Aug 06, 2008 5:30 am
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Fireyone,
If a creditor charges off a debt for $600 or more they write it off as a loss, somebodies loss is always someone elses profit. So, if you have caused the company this loss then the irs considers it your gain, therefore making you liable for it as income. It would be listed under other income. If this happens you will get a form in the mail from the irs, they are very avid when it comes to collecting these funds. I have had this happen to me, it was a few years old, but it caught up to me. Capital one reported a card as a loss and I got nailed with an income gain on it from the irs and had to pay a penalty for it. |
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fireyone
Joined: 26 Feb 2008
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Posts: 4285
127 Magic Points
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Fri Aug 08, 2008 2:21 am
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| Whoa. I had a capitol one charge off back in 2001. It is past SOl. The only other debt now is a providain one that I am figuring past SOL (or should I say hoping?) How do they get a hold of this info? What kind of penalty did you ahve to pay? |
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erb1953
Joined: 31 Dec 2007
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Posts: 573
-53 Magic Points
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Fri Aug 08, 2008 2:51 am
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| You would have gotten a 1099 in the mail by now, so it must not have been more than $600 they charged off, don't worry if the report it to the irs, the irs will contact you to get their tax money off it. It will be in the form of a letter with your tax information on it for that particular year, it will state what is owed and you will be given a chance to state your case. If you can not prove that you don't owe it, then they will set you up with a payment plan. |
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fireyone
Joined: 26 Feb 2008
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Posts: 4285
127 Magic Points
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Sat Aug 09, 2008 12:32 am
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| Wow. This is seriously all new to me. The original debt was like $500 but by the time they sold it the interest and over the limits put it up over a grand. Do they charge you like regular paycheck taxes or how does it work? |
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goodnatured
Joined: 03 Nov 2007
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Posts: 3927
10 Magic Points
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fireyone
Joined: 26 Feb 2008
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Posts: 4285
127 Magic Points
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Sun Aug 10, 2008 2:12 am
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| Well I will definately keep my fingers crossed. What doeasn't make sense out of all this is even if a company charges off a debt doesn't mean you don't get out of paying it. Say it is sold to a collection agency and they sue you before the SOL is up. You are still paying that debt, sometimes triple fold. So is it correct in figuring this scenario: Capitol one charges off an account from 2003 and then sells it to a CA. They in turn settle with you for 80% of the $1,000 bill. then are you charged for an income by the IRS for the other $200? Or are you charged from the very beginning of the write off when cap one had it? |
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goodnatured
Joined: 03 Nov 2007
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Posts: 3927
10 Magic Points
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fireyone
Joined: 26 Feb 2008
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Posts: 4285
127 Magic Points
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Sun Aug 10, 2008 2:30 am
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| Thats good to know. I wonder if once it is past SOL if the gov. can figure that out and still charge you on it. Doesn't mean your never gonna pay it...just means you haven't yet. |
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