How to Remove Credit Judgments to Improve Your Credit Score
To recuperate your credit score and make yourself more credit worthy you can remove any credit judgments that you may have on your credit report.
A judge will order your owed obligation as authenticated when he sees paperwork for it. You will have to make payment on the debt when it is court ordered. This takes place when you leave an unsettled debt on your credit report for too long.
If you are striving to get a loan while you have credit judgments against you; it creates a set back in achieving this goal when you have credit judgments.
You may try to erase credit judgments by doing any one of the following things:
1. Try for a Motion to Vacate
Your credit judgment can be removed from your credit report immediately if your vacate request is granted. If you choose to do this you will need to find out about the court procedures in your area.
2. Check for the Statute of Limitations for your State.
For credit judgments here in the state of Texas, the statute of limitations is 10 years, but after this finishes it can get renewed within 2 years. The interest rate on judgments used to be 10% now it is only 8.25%.
A credit judgment can still be collected on for 20 years; even though they usually only remain on your credit report for 7 years. An extension can still be granted if the credit judgment is still open and uncollected after the 20 years is expired.
If the statute of limitations has been exceeded (as per your state's limits) then you can dispute 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
You may also try to negotiate a pay for delete with the original creditor to get the judgment erased entirely from your credit report. If you just pay the judgment without negotiating for it to be removed as well, then it will still be reported on your credit report and updated as paid.
Best of luck.
A judge will order your owed obligation as authenticated when he sees paperwork for it. You will have to make payment on the debt when it is court ordered. This takes place when you leave an unsettled debt on your credit report for too long.
If you are striving to get a loan while you have credit judgments against you; it creates a set back in achieving this goal when you have credit judgments.
You may try to erase credit judgments by doing any one of the following things:
1. Try for a Motion to Vacate
Your credit judgment can be removed from your credit report immediately if your vacate request is granted. If you choose to do this you will need to find out about the court procedures in your area.
2. Check for the Statute of Limitations for your State.
For credit judgments here in the state of Texas, the statute of limitations is 10 years, but after this finishes it can get renewed within 2 years. The interest rate on judgments used to be 10% now it is only 8.25%.
A credit judgment can still be collected on for 20 years; even though they usually only remain on your credit report for 7 years. An extension can still be granted if the credit judgment is still open and uncollected after the 20 years is expired.
If the statute of limitations has been exceeded (as per your state's limits) then you can dispute 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
You may also try to negotiate a pay for delete with the original creditor to get the judgment erased entirely from your credit report. If you just pay the judgment without negotiating for it to be removed as well, then it will still be reported on your credit report and updated as paid.
Best of luck.
About the Author:
Home Buddies is a houston credit counseling coach for investors. Home Buddies develops and implements a customized strategy to restore credit and builds a business development strategy to help investors or homeowners overcome problems to financing properties and building their portfolio.
posted by Debt Consolidation Loan at
5:29 AM
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