It really is so much bs out there it’s crazy people think just because they get rid of a collection account or inquires that there doing something. When it’s way deeper than that those are the easiest things to remove.
@@johngwatts also the truth in lending is great in all but , no one is addressing the bank’s duty’s, 12 usc 1431 . I feel that after taking an accounting for a year that bank own you a duty to give you the credit and not confuse the situation with a private contract between bank and dealerships . In the car sales contract, it says that you can purchase the vehicle with cash or on credit! And then force you to pay cash while mailing you an agreement outside the original retail sales installment contract, read 12 cfr 1026.13 , they do a bait and switch on you . Read the billing error section in that agreement.
@@johngwattsthe SS card is your account that they will fight tooth and nail to never let you take a benefit from . That you are the beneficiary of anyway !
John whats is the GOAT 🐐 im serious!!! The knowledge he has given is so powerful! I now OWN MIDLAND FUNDING and now A part owner of LVNV FUNDING hope to own them soon 😂😂😂😂
@@johngwatts lol both those guys ever I discovered the one document they cant produce thanks to you… i want full ownership of those two companies… can’t believe these guys run away from showing up to court over that simple piece of paper 📝 haha thanks again john
Yep that's what I was going to say that the calendar shows that it's not checked on any gear or or month. I like a couple times and they wouldn't do anything
You're so right about The Incredibles only reporting the negative stuff about you period in Austria they give up taxes January 1st no more taxes right and they only believe in putting positive information so to keep the economy alive❤
Hey John! I learned a lot from your master class (1&2) about charge offs. However, after watching them twice I noticed that there was nothing said about charge offs reporting 'CO' 6 months after the date of 1st delinquency. In my case 'CO' has been reporting on my Cr-reports since August of 2019. This I belive changes the date of last activity expanding the 7 reporting allowed by law. Please elaborate! As I know this will help someone else.
I know this comment is from a year ago, but he's done a video on this recently. Bottom line is that it is annoying, and it does affect your score, but it doesn't re-age the debt.
I have a charge off from Capital One and the balance seems way higher then what the last balance was that I remember. When I check credit reports nowhere does it show ANY past balance and the only amount inserted is the much larger charge off amount that seemingly appears pulled from thin air. Whats more is, they have two months in a row that show me being 120 days late. Then once they charged off this account, every month it says charged off and shows I have made less and less percentage of payments on time when in reality I paid this account 100% on time till the moment it defaulted. So wouldn’t that mean I only missed 4-5 payments from the time of default till when the charge off was supposed to start?
There is a big debate in the credit repair space is on can a charge off be reported on a credit report when a 1099c has been issued ? A lot of consumer law people advocates that US Code of consumer law State that income cannot be reported on a consumer credit file because it is no longer debt and becomes ordinary income. It state reporting income is discriminatory along with age and race against the consumer. The IRS categories a 1099c as ordinary income and ordinary income can’t not be reported on a credit report. This will be a powerful video to dive into. A lot of people are interested in this topic. I have discovered some cases that the courts have ruled on when it comes to 1099c and the FCRA. Court have ruled on 2 different outcomes. One case saying it is unfair to report a change off when a credit reduces their tax burden while a consumer increase their tax burden and the loan was forgiven. Other court cases have said the credit has a right to report the charges off account. Can you speak on this topic. Thank you
You might want to watch this video and the follow up videos I did on 1099 -- ua-cam.com/video/pt2FNj8rTBo/v-deo.html Here's where people get off track. Charge off does not equal discharged debt/1099. Lots of charged off debt that is never deemed forgiven. So the idea of income is mixing up different concepts. You are right there are two lines of cases on 1099 and what that means for the debt itself. Its the debt that is critical -- if owed, it can be reported. If not owed, it cannot be reported. Hope that helps John
@@johngwatts Looking at your last statement...I had a Cap One auto settlement. Paid the settlement and was issued 1099c above 6k. The settlement said the debt was not owed. Does this qualify as "cannot be reported"?
Can you review these two cases and provide guidance on how to approach disputing and filing lawsuits against the CRAs for inaccurate reporting? Brown v. Trans Union, M.D. Fla. Case No. 8:21-cv-2371-VMC-JSS; Walker v. Trans Union, E.D. Penn. Civil Action Nos. 20-5179, 20-5235, 21-023, 21-152, I've disputed this data with the CRAs and did not have success and now I'm getting turned away by attorneys and they are citing these cases as the reason to not take the case.
Can I put someone down if they're late on their payment after they've been discharged from know and then might pay off my charger by their name when they record it like it's been 7 years since I filed and just a few weeks ago I was one day late and they file that I was in charge of and then I was late are they supposed to do that?
So I was discharg ed from the note. and they stopped reporting all of my payments for 7 years. But when they did put it on there that they were discharged i n the bankruptcy they didn't have to do that because that's already in the bankruptcy of everything that was discharged.
There must be a statute of limitation as far as what they can record they must have to have at least like $500 I thought. And they want to keep that negative remark on my report for 7 years. I found the chapter 7 in 2017 and they just told me the other day when I was chatting with them that it's probably going to be 10 years that they're going to carry that bankruptcy I'm like what are you talking about when I when I signed on to this I'm grandfathered in no matter what. He said it's always been this way for longer than that well prove it
Why not just keep it simple? IRS publication 2021 says a charge off account is cancelled debt. Therefore a charge off is gross income. Income can't be reported on a consumer report. Inaccurate information.
The FCRA is not controlled by the IRS rules. There are some times when a 1099 is issued that the debt is canceled. But remember not every "charged off debt" has a 1099. Courts are very clear that merely having a charge off status does NOT mean the debt is no longer owed.
@@johngwattsMy thing is you never owed the debt in the first place and had the option to discharge it with a Certificate of Indebtedness, so there’s something definitely missing. Gotta read on my own to find it
I’m sorry ! I think I originally said it wrong …. I have 3 charge offs …. One turned into a collection with LVNV … and now LVNV is suing me in small claims court! I filled answer. I hope I did it right!
I love your channel man. There is so much BS out there. Thank you for showing us the light.
You are very welcome -- glad you get value from the videos. Have a great weekend!
John
It really is so much bs out there it’s crazy people think just because they get rid of a collection account or inquires that there doing something. When it’s way deeper than that those are the easiest things to remove.
I read a law somewhere in the truth in lending that transaction history is not to the credit reporting bureaus should not be recorded
@@johngwatts also the truth in lending is great in all but , no one is addressing the bank’s duty’s, 12 usc 1431 . I feel that after taking an accounting for a year that bank own you a duty to give you the credit and not confuse the situation with a private contract between bank and dealerships . In the car sales contract, it says that you can purchase the vehicle with cash or on credit! And then force you to pay cash while mailing you an agreement outside the original retail sales installment contract, read 12 cfr 1026.13 , they do a bait and switch on you . Read the billing error section in that agreement.
@@johngwattsthe SS card is your account that they will fight tooth and nail to never let you take a benefit from . That you are the beneficiary of anyway !
John whats is the GOAT 🐐 im serious!!! The knowledge he has given is so powerful! I now OWN MIDLAND FUNDING and now A part owner of LVNV FUNDING hope to own them soon 😂😂😂😂
Thanks and good luck with LVNV!!
@@johngwatts lol both those guys ever I discovered the one document they cant produce thanks to you… i want full ownership of those two companies… can’t believe these guys run away from showing up to court over that simple piece of paper 📝 haha thanks again john
They do tend to get a bit nervous over it.... :)
@@johngwatts lol that is a fact 😆
Watts 💡⚡️ 🤩
How did it take me so long to find your channel! Thank you!
Consumer, Thanks a million for your help.
These videos are amazing!
god bless you, you've truly sharpened my iron!
Excellent glad to hear it!
Yep that's what I was going to say that the calendar shows that it's not checked on any gear or or month. I like a couple times and they wouldn't do anything
You're so right about The Incredibles only reporting the negative stuff about you period in Austria they give up taxes January 1st no more taxes right and they only believe in putting positive information so to keep the economy alive❤
Hey John!
I learned a lot from your master class (1&2) about charge offs. However, after watching them twice I noticed that there was nothing said about charge offs reporting 'CO' 6 months after the date of 1st delinquency. In my case 'CO' has been reporting on my Cr-reports since August of 2019. This I belive changes the date of last activity expanding the 7 reporting allowed by law. Please elaborate! As I know this will help someone else.
I know this comment is from a year ago, but he's done a video on this recently. Bottom line is that it is annoying, and it does affect your score, but it doesn't re-age the debt.
I have a charge off from Capital One and the balance seems way higher then what the last balance was that I remember.
When I check credit reports nowhere does it show ANY past balance and the only amount inserted is the much larger charge off amount that seemingly appears pulled from thin air.
Whats more is, they have two months in a row that show me being 120 days late. Then once they charged off this account, every month it says charged off and shows I have made less and less percentage of payments on time when in reality I paid this account 100% on time till the moment it defaulted. So wouldn’t that mean I only missed 4-5 payments from the time of default till when the charge off was supposed to start?
Are late payments illegal
How do I sign up for these trainings ?
my.demio.com/ref/ZHxa8NhYRNApOiyH is the sign up link -- hope to see you Thursday at 1 central!
John Watts
My second mortgage company is NOT supposed to report anything about me..
I WAS bankruptcy 2017
Plenty of those accounts!
This was a fire 🔥 in depth video. I salute 🫡 this 5 star ⭐️⭐️⭐️⭐️⭐️‼️ Credit dispute info
Thank you!
John
Will a paid charged off business bank account affect My credit score?
There is a big debate in the credit repair space is on can a charge off be reported on a credit report when a 1099c has been issued ? A lot of consumer law people advocates that US Code of consumer law State that income cannot be reported on a consumer credit file because it is no longer debt and becomes ordinary income.
It state reporting income is discriminatory along with age and race against the consumer.
The IRS categories a 1099c as ordinary income and ordinary income can’t not be reported on a credit report.
This will be a powerful video to dive into. A lot of people are interested in this topic.
I have discovered some cases that the courts have ruled on when it comes to 1099c and the FCRA. Court have ruled on 2 different outcomes. One case saying it is unfair to report a change off when a credit reduces their tax burden while a consumer increase their tax burden and the loan was forgiven. Other court cases have said the credit has a right to report the charges off account.
Can you speak on this topic.
Thank you
You might want to watch this video and the follow up videos I did on 1099 -- ua-cam.com/video/pt2FNj8rTBo/v-deo.html
Here's where people get off track.
Charge off does not equal discharged debt/1099.
Lots of charged off debt that is never deemed forgiven.
So the idea of income is mixing up different concepts.
You are right there are two lines of cases on 1099 and what that means for the debt itself. Its the debt that is critical -- if owed, it can be reported. If not owed, it cannot be reported.
Hope that helps
John
@@johngwatts Looking at your last statement...I had a Cap One auto settlement. Paid the settlement and was issued 1099c above 6k. The settlement said the debt was not owed. Does this qualify as "cannot be reported"?
Even if the account is closed they should still report a CO every month?
No
Mine says Charge off every month for the last 2 plus years also
🔥🔥🔥
Can you review these two cases and provide guidance on how to approach disputing and filing lawsuits against the CRAs for inaccurate reporting? Brown v. Trans Union, M.D. Fla. Case No. 8:21-cv-2371-VMC-JSS; Walker v. Trans Union, E.D. Penn. Civil Action Nos. 20-5179, 20-5235, 21-023, 21-152, I've disputed this data with the CRAs and did not have success and now I'm getting turned away by attorneys and they are citing these cases as the reason to not take the case.
And what is the minimum amount that you can file at the credit bureaus
I'm not understanding the "minimum amount"? The minimum number of accounts to dispute or the minimum number of errors?
Thanks!
John
My son a disabled vet 100% needs help with a Charge off $6,000 and two medical bills, can someone help for pay?
don’t know if you have addressed this issue,
Can the CRAs show charged off accounts and also show them as 120 day late at the same time?
Can I put someone down if they're late on their payment after they've been discharged from know and then might pay off my charger by their name when they record it like it's been 7 years since I filed and just a few weeks ago I was one day late and they file that I was in charge of and then I was late are they supposed to do that?
So I was discharg
ed from the note. and they stopped reporting all of my payments for 7 years. But when they did put it on there that they were discharged i n the bankruptcy they didn't have to do that because that's already in the bankruptcy of everything that was discharged.
There must be a statute of limitation as far as what they can record they must have to have at least like $500 I thought.
And they want to keep that negative remark on my report for 7 years. I found the chapter 7 in 2017 and they just told me the other day when I was chatting with them that it's probably going to be 10 years that they're going to carry that bankruptcy I'm like what are you talking about when I when I signed on to this I'm grandfathered in no matter what. He said it's always been this way for longer than that well prove it
If you play this at 1.75 or 2 it sounds like a normal convo speed thank me later
Consumer
Why not just keep it simple? IRS publication 2021 says a charge off account is cancelled debt. Therefore a charge off is gross income. Income can't be reported on a consumer report. Inaccurate information.
The FCRA is not controlled by the IRS rules. There are some times when a 1099 is issued that the debt is canceled. But remember not every "charged off debt" has a 1099. Courts are very clear that merely having a charge off status does NOT mean the debt is no longer owed.
@@johngwattsMy thing is you never owed the debt in the first place and had the option to discharge it with a Certificate of Indebtedness, so there’s something definitely missing. Gotta read on my own to find it
A customer looking to strengthen my credit profile
Consumer being sued by LVN V with 4 charged off accts
You are being sued by LVNV? Is it one lawsuit over 4 accounts? Or 4 separate lawsuits - 1 per account?
I’m sorry ! I think I originally said it wrong …. I have 3 charge offs …. One turned into a collection with LVNV … and now LVNV is suing me in small claims court! I filled answer. I hope I did it right!
What state are you in?