Judgments - Remove from Credit Report
by: MattDouglas
Total views: 52 | Word Count: 331
If you have a default judgment it means that a lender has sued you in order to recover payment of an outstanding debt. It is a legal proceeding that gives a lender a large amount of time to collect on the debt.
A judgment gives the debt collector up to 20 years to collect on a debt. This is beyond the 7 year statue of limitations that applies to most debts. Often judgments are granted on unsecured debts.
A new tactic that debt collectors have been using is renewing judgments. This gives the debt collectors an additional 20 years to try and collect payment after the first 20 years. This makes it possible for a judgment to follow you for the rest of your life.
Judgments will negatively impact your credit score. You should be informed that by paying a judgment it will not be removed from your credit history.
If you pay a judgment it only changes the mark to a satisfied judgment. It is still a negative mark and will not help improve your credit score.
In order to delete a judgment you should dispute it. This means you are saying the judgment is inaccurate or invalid.
You dispute the judgment directly with the credit bureaus. This is done by writing a dispute letter to the credit bureaus.
When you dispute a judgment if it is not verified then it will be removed by the credit bureaus. It has been found that when negative listings are investigated they are often removed regardless of accuracy.
The listing will be removed because it costs the debt collectors money to verify the accuracy of a listing. Frequently debt collectors don't want to spend the money to verify a listing.
The difficult part is to get the credit bureaus to investigate a disputed listing. This is a result of the investigation costing the credit bureaus money that would otherwise be profit.
Thus some individuals have found it beneficial to hire a professional credit repair firm to dispute the listings on their behalf.
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