June 13, 2010
How To Deal With Trying To Remove Judgments From Your Credit Score
Generally there are not a lot of options 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 significantly. As soon as you have been sued, it’s always good to communicate with 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.
As soon as a judgment is noted on your credit report the statute of limitations can be anywhere between 12 and 20 years! Judgments can be renewed, too, if the creditor decides they want to re-file the suit – so if you have been sued, it’s best to just pay it as quickly as feasible. Here are a few things you can do to make the situation better if it has already been put on your credit report:
Always be sure to research your statute of limitations – the length of time that legal proceedings can be initiated, thus stating if the lender can file a lawsuit with you or not. If the statue of limitations has elapsed (most are around four to seven years), you can challenge the judgment with your credit reporting bureau. This is critical because from time to time the courts and credit bureaus are not consistent with their filings. And often, credit attorneys will try to get around lawful rules in order to try and get you to disburse the debt.
After that you have thirty days for it to be reported and have the courts come to a decision on the validity of it. After thirty days, if no conclusion has been made, it will be removed by the credit bureau. The debt is then considered not valid and you will not have an commitment to pay it.
Even so, if it’s still deemed to be valid, it’s possible to try and talk to the creditor and see if they will dismiss the judgment for you. If you come to a payment agreement, the creditor could dismiss the case and it would be stamped as officially void in the court and credit system.
As soon as you pay a judgment it’s still on your credit report as a paid in full judgment. It can stay on for seven years, from the date the judgment has been satisfied, meaning paid off, but as a rule not before then. There’s not much you can do to eradicate judgments from credit once they’ve gone on.
Another idea may be to get in touch with a credit lawyer. They will do all the work for you, and they are acquainted with the ins and outs of the law and the procedures and paperwork involved, so a good credit lawyer may be a great assistance in getting your credit tidied up.
Technically it is most probably not viable to get a public record entry deleted from your credit report, so there is not much you can do to remove judgments from credit reports.
Occasionally the only alternative is to pay the judgment and then wait out the seven years, in the meantime being sure to keep paying your other obligations on time and keep tabs on your credit. Make sure once you settle the judgment that it is listed on your credit report as paid and satisfied.
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