WUS Debt Wire

Credit & Credit Reporting Terms

By US Debt Wire Editorial Team

Terms covering how debt and its resolution show up on a credit report.

  • Charge-Off

    An accounting designation a creditor uses when it writes off a debt as unlikely to be collected, though the debt can still be collected or sold.

  • 1099-C (Cancellation of Debt)

    An IRS form a lender files when it forgives $600 or more of debt, which can create taxable "phantom income" for the borrower.

  • Credit Report Dispute

    The formal process under the FCRA for challenging inaccurate information on a credit report with the bureaus or the furnisher.