Home Buddies - Remove Judgments and Increase Your Credit Score
To recuperate your credit score and make yourself more credit worthy you can remove any credit judgments that you may have on your credit report.
If you have unsettled debts just sitting there on your report for too long, then you are increasing the risk of the creditor taking you to court to get a credit judgment. Credit judgments are a court order that calls for payment from you on a contract or obligation you made. A credit judgment is the "ultimate validation" of your owed debt because a judge has usually reviewed documentation and has ruled that the debt is in fact credible.
One of the other major set backs of having any credit judgments is that it can be nearly infeasible to get supplements of credit with unpaid credit judgments on your credit reports; especially if you are pursuing to get a mortgage for a home, since a credit judgment can adhere itself to your realty.
Here are some possible ways to remove credit judgments:
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 have to find out about the court procedures in your area.
2. Get the time period for the Statute of Limitations in your State for credit judgments.
The statute of limitations on credit judgments is 10 years here in Texas, but can be revamped within 2 years of expiration. The interest rate on judgments used to be 10% but now the rate is 8.25%.
Judgments will typically remain on your credit report for 7 years; however they can remain collectible for 20 years. Once the 20 year period is up, it is rather simple to get an extension assuming the judgment is open and has not yet been collected.
Credit judgments that are past your state's statute of limitations can be deleted with the credit bureaus. You will need to object to that particular judgment as being "obsolete".
3. Negotiate for Removal
You don't want to just pay off the credit judgment because it will still be reported on your credit report as a paid judgment. You have to try to talk to the original creditor and get them to agree to have this judgment totally removed from your credit report.
Best of luck.
If you have unsettled debts just sitting there on your report for too long, then you are increasing the risk of the creditor taking you to court to get a credit judgment. Credit judgments are a court order that calls for payment from you on a contract or obligation you made. A credit judgment is the "ultimate validation" of your owed debt because a judge has usually reviewed documentation and has ruled that the debt is in fact credible.
One of the other major set backs of having any credit judgments is that it can be nearly infeasible to get supplements of credit with unpaid credit judgments on your credit reports; especially if you are pursuing to get a mortgage for a home, since a credit judgment can adhere itself to your realty.
Here are some possible ways to remove credit judgments:
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 have to find out about the court procedures in your area.
2. Get the time period for the Statute of Limitations in your State for credit judgments.
The statute of limitations on credit judgments is 10 years here in Texas, but can be revamped within 2 years of expiration. The interest rate on judgments used to be 10% but now the rate is 8.25%.
Judgments will typically remain on your credit report for 7 years; however they can remain collectible for 20 years. Once the 20 year period is up, it is rather simple to get an extension assuming the judgment is open and has not yet been collected.
Credit judgments that are past your state's statute of limitations can be deleted with the credit bureaus. You will need to object to that particular judgment as being "obsolete".
3. Negotiate for Removal
You don't want to just pay off the credit judgment because it will still be reported on your credit report as a paid judgment. You have to try to talk to the original creditor and get them to agree to have this judgment totally removed from your credit report.
Best of luck.
About the Author:
Home Buddies is a houston credit counseling coach for real estate investors. Home Buddies develops and implements a customized strategy to boost credit and builds a business development strategy to help investors or homeowners overcome problems to financing properties and growing their portfolio.
posted by Debt Consolidation Loan at
12:24 AM
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