Judgments are also called default judgments or credit card judgments. These terms all have the same meaning.
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 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 stay on your credit for 7 - 10 years dependent upon the state that court was held in, and the statute of limitations in that state. However it is common for creditors to renew judgments.
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 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 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 they can not verify the account is accurate then it must be removed from your credit report. It is common for investigations to result in a mark being deleted.
However a judgment is a very bad mark and these marks are more likely to be verified. This typically means you are going to just have to live with the negative mark.
However in some instances a judgment is wrong and inaccurate. Thus it should legally be removed from your credit.
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.
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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November 26th, 2008 at 11:54 am
[...] unknown wrote an interesting post today onJudgments - How You Can Remove from Your Credit ReportHere’s a quick excerptThus it should legally be removed from your credit. The Most Successful Step-By-Step Blueprint For Long Term Blogging Success. This is when I would suggest a credit repair law firm. They can use their knowledge and expertise and if … [...]