How to Remove Credit Judgments to Improve Your Credit Score
To revamp your credit score and make yourself more credit qualified you can delete any credit judgments that you may have on your credit report.
Your chances widen of a creditor taking you to court to get a credit judgment when you leave unsettled debts on your credit report for too long. A court order will demand you to make payment on credit judgments. Your owed debt becomes the "ultimate validation" that you owe the debt because a judge has found the debt to be credible because he has seen documentation for it.
There are other impairments with credit judgments that can create problems to get supplements of credit; particularly in the case of the credit judgment attaching to your realty when you are trying to get a mortgage.
You may try to delete credit judgments by doing any one of the following things:
1. Get a Motion to Vacate
If this is what you choose, you will need to learn about court procedures in your area. However, know that if the courts grants your vacate request the credit judgment should be deleted from your credit report immediately.
2. Get the time period for the Statute of Limitations in your State for credit judgments.
For credit judgments here in the state of Texas, the statute of limitations is 10 years, but after this expires it can get restored within 2 years. The interest rate on judgments used to be 10% now it is only 8.25%.
Judgments will normally linger on your credit report for 7 years; however they can remain collectible for 20 years. Once the 20 year period is expired, it is rather easy to get an extension assuming the judgment is open and has not yet been collected.
If the statute of limitations has been capped (as per your state's limits) then you can object to the credit judgment as "obsolete" with the credit bureaus. This will delete the credit judgments that are past your state's statute of limitations.
3. Negotiate for Removal
A different way to delete credit judgments is to negotiate with the creditor that the judgment is open with. You need to try to get them to dismiss (remove it completely from your credit report) the credit judgment by paying it in full. This is much better than just paying it off because the credit judgment will just be updated on your credit report as "paid" and it will still be on your credit report.
Wish you well.
Your chances widen of a creditor taking you to court to get a credit judgment when you leave unsettled debts on your credit report for too long. A court order will demand you to make payment on credit judgments. Your owed debt becomes the "ultimate validation" that you owe the debt because a judge has found the debt to be credible because he has seen documentation for it.
There are other impairments with credit judgments that can create problems to get supplements of credit; particularly in the case of the credit judgment attaching to your realty when you are trying to get a mortgage.
You may try to delete credit judgments by doing any one of the following things:
1. Get a Motion to Vacate
If this is what you choose, you will need to learn about court procedures in your area. However, know that if the courts grants your vacate request the credit judgment should be deleted from your credit report immediately.
2. Get the time period for the Statute of Limitations in your State for credit judgments.
For credit judgments here in the state of Texas, the statute of limitations is 10 years, but after this expires it can get restored within 2 years. The interest rate on judgments used to be 10% now it is only 8.25%.
Judgments will normally linger on your credit report for 7 years; however they can remain collectible for 20 years. Once the 20 year period is expired, it is rather easy to get an extension assuming the judgment is open and has not yet been collected.
If the statute of limitations has been capped (as per your state's limits) then you can object to the credit judgment as "obsolete" with the credit bureaus. This will delete the credit judgments that are past your state's statute of limitations.
3. Negotiate for Removal
A different way to delete credit judgments is to negotiate with the creditor that the judgment is open with. You need to try to get them to dismiss (remove it completely from your credit report) the credit judgment by paying it in full. This is much better than just paying it off because the credit judgment will just be updated on your credit report as "paid" and it will still be on your credit report.
Wish you well.
About the Author:
Home Buddies is a houston credit counseling coach for real estate investors. Home Buddies develops and implements a customized strategy to boost credit and creates a business development strategy to help investors or homeowners overcome problems to financing real estate and growing their portfolio.
posted by Credit Counseling at
1:18 AM
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