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Credit Card Glossary: Terms and Definitions

1099-C

The 1099-C “Cancellation of debt” form is an IRS form sent when credit card or other consumer debts are forgiven or canceled by creditors or debt collectors. Forgiven debt is generally considered taxable by the Internal Revenue Service, though there are exceptions when it is exempt from taxation. When the canceled debt totals more than $600, the creditor is required to file a 1099-C report with the IRS and send the debtor a copy.

Terms from A-Z

Search the CreditCards.com glossary for every credit-related term from "account holder" to "zombie debt." Select a letter for alphabetized terms and definitions.

cCarbon-paper packetsCard issuerCard-linked loyalty offersCard memberCard member agreementCard-not-present (CNP) transactionsCard-not-present fraudCard-present (CP) transactionsCard-present fraudCard-present transactionsCard readerCardersCardholderCardholder agreementCardingCarding forumsCash advanceCash advance checkCash advance feeCash advance rateCash backCash cardCasherCashingChapter 11 bankruptcyChapter 13 bankruptcyChapter 7 bankruptcyCharge-back periodCharge cardCharge-offCharge-off rateChargebackChip-and-PIN cardsChip and signatureChip cardChip-enabled terminalChoice of lawChurningClaims and defensesClearingCloningClosed-end loanClosed loopCo-branded cardCo-signerCOB fraudCollateralCollectionCollection-proofCombined guaranteeCommercial cardsCommercial credit scoreCommunity propertyConcierge serviceconjoined accountConsumer credit fileConsumer credit reportConsumer Financial Protection BureauContact chip cardContactless chip cardContactless paymentsConvenience checksConvenience feeCorporate credit cardCramdownCredit bureauCredit bureau risk scoreCredit cardCredit Card Accountability, Responsibility and Disclosure Act of 2009Credit CARD Act of 2009Credit card imprinter formCredit card numberCredit counselorCredit freezeCredit historyCredit inquiryCredit life insuranceCredit limitCredit lineCredit mixCredit monitoring serviceCredit mulingCredit obligationCredit ratingCredit Repair Organizations ActCredit reportCredit reporting agency (CRA)Credit scoreCredit unionCredit utilization ratioCreditors meetingCross-collateralizationCryptocurrencyCurrency conversion feeCVV