A creditor may continue to report a balance on a consumer’s credit report even after charging off the debt. Charging off a debt is an accounting term used by a creditor to indicate that the debt is unlikely to be collected. The creditor will typically write off the debt as a loss and may sell the debt to a collection agency or take other collection actions. However, if the creditor issued a 1099-C then it may not report a balance on your credit report.

The Fair Credit Reporting Act (FCRA) regulates the information that can be reported on a consumer’s credit report, and it does not prohibit creditors from reporting charged-off debt. However, the FCRA does have specific guidelines for the reporting of charge-off accounts, such as that the account must be reported as “charged-off” or “charged-off as a loss” and that the creditor must report the date of the first delinquency that led to the charge-off.

It’s important to note that the credit reporting agencies, like Equifax, Experian and TransUnion, also have their own guidelines and policies on how long a charged-off account can be reported on a credit report, which is typically 7 years from the date of the first delinquency that led to the charge-off.

It’s also important to know that a charge-off account can have a negative impact on a consumer’s credit score, and that consumers have the right to dispute any errors on their credit report under the FCRA.

What is the difference between a motion for summary judgment and a motion to dismiss?

A motion for summary judgment and a motion to dismiss are both legal motions that can be made during the course of a lawsuit, but they serve different purposes and are based on different grounds.

A motion for summary judgment is a request for a court to decide a case based on the facts and evidence presented, without the need for a trial. It is typically made after the discovery phase of a lawsuit, when both sides have had an opportunity to gather and exchange evidence. A motion for summary judgment can be made by either the plaintiff or the defendant and the court will grant it if there is no genuine dispute as to any material fact, and the moving party is entitled to judgment as a matter of law.

A motion to dismiss, on the other hand, is a request for a court to dismiss a lawsuit before it goes to trial. It is typically made at the early stages of a lawsuit and it is based on grounds such as lack of jurisdiction, lack of standing, or failure to state a claim upon which relief can be granted. A motion to dismiss can be made by either the plaintiff or the defendant and the court will grant it if it finds that the lawsuit is legally insufficient, and that the plaintiff does not have a valid legal claim.

In summary, a motion for summary judgment is used to ask a court to decide a case based on the facts and evidence presented, while a motion to dismiss is used to ask a court to dismiss a lawsuit before it goes to trial, based on legal issues such as jurisdiction or failure to state a claim.