How You Can Remove a Judgment from Your Credit Report
A judgment, default judgment, and credit card judgment all mean the same thing.
A judgment means you have been found legally responsible for a debt. This finding has happened in a court of law.
The lender went to court and filled a lawsuit against you and won their case. This will give the lender legal grounds to have your wages garnished to repay this debt.
This is a very severe mark to have on your credit report and will cause your credit score to go down dramatically. This can happen with any sort of unsecured debt; credit cards, automobiles, phone bills, etc.
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 would first suggest creating a dispute letter. In this letter you identify the judgment listing and explain the reason it is not accurate and mail it to the credit bureaus.
The bureaus then must conduct an investigation into the disputed listing. They will try to verify the existence of the debt and the amount of it.
If the debt is not verified or found to be inaccurate then the bureau must remove the mark from your credit report. Often investigations result in a mark being erased.
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 cases a judgment is not correct. Thus the mark should be removed and you should not be responsible.
This is when I recommend a credit attorney. They will be able to use their expert knowledge and when necessary go to court to prove that the judgment is not right and should be removed.
You can actually hire a credit attorney at a reasonable rate. Lexington Law has 22 credit attorneys on their staff and they can be hired at under $80 a month for the top of the line service.
A judgment means you have been found legally responsible for a debt. This finding has happened in a court of law.
The lender went to court and filled a lawsuit against you and won their case. This will give the lender legal grounds to have your wages garnished to repay this debt.
This is a very severe mark to have on your credit report and will cause your credit score to go down dramatically. This can happen with any sort of unsecured debt; credit cards, automobiles, phone bills, etc.
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 would first suggest creating a dispute letter. In this letter you identify the judgment listing and explain the reason it is not accurate and mail it to the credit bureaus.
The bureaus then must conduct an investigation into the disputed listing. They will try to verify the existence of the debt and the amount of it.
If the debt is not verified or found to be inaccurate then the bureau must remove the mark from your credit report. Often investigations result in a mark being erased.
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 cases a judgment is not correct. Thus the mark should be removed and you should not be responsible.
This is when I recommend a credit attorney. They will be able to use their expert knowledge and when necessary go to court to prove that the judgment is not right and should be removed.
You can actually hire a credit attorney at a reasonable rate. Lexington Law has 22 credit attorneys on their staff and they can be hired at under $80 a month for the top of the line service.
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posted by Debt Consolidation Loan at
12:15 PM
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