The Ultimate Way To Cope With Attempting To Delete Judgments From Your Credit Score
June 12, 2010 by Kathryn Y Coleman
Filed under Credit Debt
At this time there are not a lot of ways to remove judgments from credit reports. The best way to deal with this is to try to not have it put on your credit report to begin with. It will lower your credit score drastically. As soon as you’ve been sued, it’s always good to consult the agency filing the papers against you in case they may want to come to a payment arrangement with you, thus deleting the case from court.
When a judgment is noted on your credit report the statute of limitations can be somewhere between 12 and 20 years! Judgments can be renewed, too, if the lender decides they want to re-file the suit – so if you have been sued, it’s best to just pay it as swiftly as viable. Here are a few things you can do to make the state of affairs better if it has already been placed on your credit report:
The statute of limitations is the allotted quantity of time that a lender can lawfully file a suit against you. Each state has a separate statute of limitations. Most are approximately four or more years. You should always be sure to check this because if the statute has passed, the debt is deemed not valid.
After that you’ve got thirty days for it to be reported and have the courts decide on the legitimacy of it. After thirty days, if no conclusion has been made, it will be removed by the credit bureau. The debt is then deemed not valid and you will not have an obligation to pay it.
Even so, if it’s still deemed to be legitimate, it’s possible to try and talk to the lender and see if they’ll dismiss the judgment for you. If you come to a payment arrangement, the creditor could discharge the case and it would be stamped as legally void in the court and credit system.
After you have paid the judgment off, it’s called a satisfied judgment. As soon as that happens, it stays on for 7 years. Please note that this starts on the date the debt is paid off, and not before. In the event the judgment is ruled and put in as public record, there are not many actions you can take to eliminate it.
One more idea may be to contact a credit attorney. They will do all the work for you, and they are familiar with the ins and outs of the law and the procedures and paperwork involved, so a good credit attorney may be an excellent benefit in getting your credit cleaned up.
There’s no way to delete a public record entry once it hits your credit profile unless of course it’s on a technicality.
Holding out the 7 years is the final alternative once all others have been exhausted. Monitor your credit, pay your obligations promptly, and be sure once the judgment is paid, it is marked as paid in full on your credit report. It is problematical to delete judgments from credit but you can still keep up a good credit report in any case.
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