Tuesday, March 8, 2011

New Tactics?

I was phoned recently by some random third-party collector. She spoke seriously about an old debt that she claims has fallen off of my credit report, but could still adversely affect me. Apparently, when certain debts are charged-off (or rendered uncollectable), the business can send the IRS a 1099-c. This is a form used to report a settled (discharged) debt, and the government can tax it as earned income. There are conditions for which you can reduce or avoid this impact altogher. Please visit the following website from the IRS for more information:

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