Judgments - Remove from Your Credit
A judgment is also commonly referred to as a default judgment or credit card judgment. This is simply a variation of the same meaning.
You have been found to be legally responsible for a debt. This will happen in a court of law.
Your creditors' attorneys went to court and filed a lawsuit against you and won. This means that you wages can be garnished to pay this debt.
This is a very bad mark to have on your credit and will cause your credit score to be lowered. Often collection agencies will try and win a judgment. Judgments can happen with any form of unsecured debt.
This mark will remain on your credit file for 7 - 10 years. It depends upon what state the case was filled in and what the statutes of limitations are in that state. It is also common for lenders to seek a renewal judgment if the debt has not been repaid at the end of 7 or 10 years.
This makes it very difficult to ever remove a judgment from your credit. However it can be done and with a little luck you may not even have to pay it.
I recommend you first disputing the judgment with the credit bureaus. This is done by writing a dispute letter in which you explain why the listing is wrong and should be removed.
The bureaus will then conduct an investigation into the listing. They will try to verify that it is real and the amounts are accurate.
If the debt is inaccurate or is not verified then the bureaus must remove it from your credit. Frequently investigations result in a negative listing being removed.
However a judgment is such a severe mark that it doesn't have as good of chances of being removed. This often means you are stuck with the listing.
However in some circumstances a judgment is simply wrong. The mark should be removed from your credit report.
This is the time when you should consider a credit attorney. They have an expert knowledge of credit laws and the ability to go to court if necessary to prove that the judgment is wrong and should be removed from your credit.
Surprisingly you can hire a professional credit repair law firm for reasonable rates. A leader in the industry Lexington Law can be hired for less than $100/month (premier service).
You have been found to be legally responsible for a debt. This will happen in a court of law.
Your creditors' attorneys went to court and filed a lawsuit against you and won. This means that you wages can be garnished to pay this debt.
This is a very bad mark to have on your credit and will cause your credit score to be lowered. Often collection agencies will try and win a judgment. Judgments can happen with any form of unsecured debt.
This mark will remain on your credit file for 7 - 10 years. It depends upon what state the case was filled in and what the statutes of limitations are in that state. It is also common for lenders to seek a renewal judgment if the debt has not been repaid at the end of 7 or 10 years.
This makes it very difficult to ever remove a judgment from your credit. However it can be done and with a little luck you may not even have to pay it.
I recommend you first disputing the judgment with the credit bureaus. This is done by writing a dispute letter in which you explain why the listing is wrong and should be removed.
The bureaus will then conduct an investigation into the listing. They will try to verify that it is real and the amounts are accurate.
If the debt is inaccurate or is not verified then the bureaus must remove it from your credit. Frequently investigations result in a negative listing being removed.
However a judgment is such a severe mark that it doesn't have as good of chances of being removed. This often means you are stuck with the listing.
However in some circumstances a judgment is simply wrong. The mark should be removed from your credit report.
This is the time when you should consider a credit attorney. They have an expert knowledge of credit laws and the ability to go to court if necessary to prove that the judgment is wrong and should be removed from your credit.
Surprisingly you can hire a professional credit repair law firm for reasonable rates. A leader in the industry Lexington Law can be hired for less than $100/month (premier service).
About the Author:
To learn more about how to remove judgments or for a free sample dispute letter visit us.
posted by Credit Counseling at
10:00 AM
0 Comments:
Post a Comment
Subscribe to Post Comments [Atom]
<< Home