Can a debt collector file a IRS 1099 form on my debt?

Collection Stopper Video FAQ

If you work out a deal with a debt collector where you owe a certain amount and you're settling for less than that amount, part of the negotiation can be that the debt collector notifies the IRS that in a sense you've obtained income or a resolution of something that you owe more of. However, debt collectors can not send the IRS a 1099 if there is no deal. They are doing this today in a way to threaten people into paying debts. But it is illegal to send a 1099 to the IRS unless a deal has been made.

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