Home Buddies - Remove Judgments and Boost Your Credit Score
To increase your credit score and make yourself more credit qualified you can eliminate any credit judgments that you may have on your credit report.
Your chances rise of a creditor taking you to court to get a credit judgment when you leave unsettled debts on your credit report for an extended time. A court order will demand you to make payment on credit judgments. Your owed debt becomes the "ultimate validation" that you owe the debt because a judge has found the debt to be credible because he has seen documentation for it.
If you are attempting to get a loan while you have credit judgments against you; it creates a drawback in achieving this goal when you have credit judgments.
You may try to remove credit judgments by doing any one of these things:
1. File a Motion to Vacate
Your credit judgment can be erased from your credit report immediately if your vacate request is granted. If you choose to do this you will need to find out about the court procedures in your area.
2. Find out about the Statute of Limitations in your State.
For credit judgments here in the state of Texas, the statute of limitations is 10 years, but after this finishes it can get revamped within 2 years. The interest rate on judgments used to be 10% now it is only 8.25%.
Judgments will normally stay on your credit report for 7 years; however they can remain collectible for 20 years. Once the 20 year period is expired, it is pretty easy to get an extension if the judgment is open and has not yet been collected.
Credit judgments that have exceeded your state's statute of limitations can be removed with the credit bureaus. You will have to dispute that particular judgment as being "obsolete".
3. Mediate a Removal
You may also try to negotiate a pay for delete with the original creditor to get the judgment erased entirely from your credit report. If you just pay the judgment without negotiating for it to be deleted as well, then it will still be reported on your credit report and updated as paid.
Good luck.
Your chances rise of a creditor taking you to court to get a credit judgment when you leave unsettled debts on your credit report for an extended time. A court order will demand you to make payment on credit judgments. Your owed debt becomes the "ultimate validation" that you owe the debt because a judge has found the debt to be credible because he has seen documentation for it.
If you are attempting to get a loan while you have credit judgments against you; it creates a drawback in achieving this goal when you have credit judgments.
You may try to remove credit judgments by doing any one of these things:
1. File a Motion to Vacate
Your credit judgment can be erased from your credit report immediately if your vacate request is granted. If you choose to do this you will need to find out about the court procedures in your area.
2. Find out about the Statute of Limitations in your State.
For credit judgments here in the state of Texas, the statute of limitations is 10 years, but after this finishes it can get revamped within 2 years. The interest rate on judgments used to be 10% now it is only 8.25%.
Judgments will normally stay on your credit report for 7 years; however they can remain collectible for 20 years. Once the 20 year period is expired, it is pretty easy to get an extension if the judgment is open and has not yet been collected.
Credit judgments that have exceeded your state's statute of limitations can be removed with the credit bureaus. You will have to dispute that particular judgment as being "obsolete".
3. Mediate a Removal
You may also try to negotiate a pay for delete with the original creditor to get the judgment erased entirely from your credit report. If you just pay the judgment without negotiating for it to be deleted as well, then it will still be reported on your credit report and updated as paid.
Good luck.
About the Author:
Home Buddies is a real estate investor credit repair coach. Home Buddies develops and implements a customized strategy to restore credit and creates a business structuring strategy to help investors or homeowners overcome obstacles to financing properties and growing their portfolio.
posted by Credit Counseling at
11:01 AM
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