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.
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 will cause you credit score to be negatively impacted, it is a very derogatory mark to have on your credit. Judgments can be sought after for any sort of unsecured debt, it is common for collection agencies to seek judgments.
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 can make it impossible to ever get out from under a judgment. However you can have a judgment removed from your credit, sometimes without having to pay the debt.
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 hold an investigation. They will try and verify the debt and the amount of the debt with the lender or collection agency.
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 judgments are more often verified, this is because the lender has taken steps to ensure repayment. This usually means you will not be able to remove the mark.
However in some circumstances a judgment is simply wrong. The mark should be removed from your credit report.
This is when I would suggest a credit repair law firm. They can use their knowledge and expertise and if necessary a court of law to prove that this judgment is not correct and not accurate.
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.
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 will cause you credit score to be negatively impacted, it is a very derogatory mark to have on your credit. Judgments can be sought after for any sort of unsecured debt, it is common for collection agencies to seek judgments.
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 can make it impossible to ever get out from under a judgment. However you can have a judgment removed from your credit, sometimes without having to pay the debt.
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 hold an investigation. They will try and verify the debt and the amount of the debt with the lender or collection agency.
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 judgments are more often verified, this is because the lender has taken steps to ensure repayment. This usually means you will not be able to remove the mark.
However in some circumstances a judgment is simply wrong. The mark should be removed from your credit report.
This is when I would suggest a credit repair law firm. They can use their knowledge and expertise and if necessary a court of law to prove that this judgment is not correct and not accurate.
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
4:18 AM
0 Comments:
Post a Comment
Subscribe to Post Comments [Atom]
<< Home