Civil Judgments - Delete from your Credit Report
July 30, 2008 – 10:00 amWhen you see a civil judgment on your credit report it means that a creditor has sued you for payment of a debt. It is a legal hearing that gives the debt collector an extended amount of time to collect the debt.
Most debts have a 7 year statue of limitations. With a judgment it allows the debt collector up to 20 years to collect on the debt. Judgments typically occur with unsecured debt.
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 hurt your credit score. You should also know that if you pay a judgment it will not be deleted from your credit report.
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.
This is done directly with the credit bureaus. It is done by writing a credit repair letter to dispute the judgment.
If a judgment is not verified as accurate it must be deleted by the credit bureaus. Often when listings are disputed they are removed regardless of their 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.
Tags: Debt Consolidation
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