Credit Reporting

1099C from a Debt Collector

The IRS requires any entity discharging a debt to file an “information return” on a Form 1099-C with the IRS. See Treas. Reg. § 1.6050P-1(a). Debt collectors or creditors will sometimes mail a form 1099-C to a consumer when debt is settled, discharged, or is no longer collectable. The most relevant requirements for our typical…

Credit Card Lawsuit

Should I Negotiate with a Debt Collector?

We’ve received many inquiries this week about negotiating with debt collectors.  Let’s get right to it… if you are sued by a debt collector, or even if you’ve received a phone call or a letter from them, you SHOULD NOT negotiate with them by yourself.   I’m not saying that negotiation is a bad idea,…