I am settling an account in full with NCO in behalf of Citi. they told me the following: 1. Citi will be the one reporting to Experian, Equifax and Trans Unions that the account was settled in full, not them. is that correct? 2. Citi will be sending me a 1099 before the end of the year for the remaining of the monies that I am not paying, for me to report as income next year. I would like to confirm this information with someone here. thank you so much, Maria
the name of the collection agency does not appear anywhere in the three credit reports. so... what does that mean? thanks, maria
It sounds like Citi is the one reporting, but you could call the CRA and confirm. How old has the account been delinquent?
It sounds as if NCO is working on behalf of Citi, and doesn't actually own the debt. That would make sense if Citi is the one reporting the debt to the CRAs. As for the 1099, yes, that is right. If a debt is forgiven, either in part or in full, then the amount you don't have to pay is considered by the IRS to be taxable income.
