Can a reporting agency continue to report “charge off” for a debt that was cancelled by creditor 6 yeras ago?

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Can a reporting agency continue to report “charge off” for a debt that was cancelled by creditor 6 yeras ago?

I received a 1099c and reported it as income. Is this no longer debt seeing i reported it as income and paid taxes? Should they even be reporting it at all?

Asked on May 1, 2014 under Bankruptcy Law, Michigan

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 7 years ago | Contributor

Under the laws of all states in this country the credit reporting company that you have written about receives its instructions from the former creditor that "charged off" your debt. Until the former creditor instructs otherwise, the "charge off' unfortunately remains on your credit report.


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