You are allowed to dispute anything on your credit report that does not look right to you. But credit repair is not about removing legitimate information. Read More »
There is good news about the way the credit bureaus treat paid judgments. In many cases this represents a credit repair opportunity; in your case it will result in the imminent removal of the judgment from your report. Once a judgment is paid the bureaus will cease reporting seven years after the original filing date. The original filing date on your judgment was over six years ago, so it will fall off your report soon. Read More »
If a credit repair customer wishes to pay a judgment we always suggest the possibility of negotiation. Like any debt there are several factors which can contribute to the willingness of the creditor (or plaintiff) to settle. The age of the judgment is a big factor. It is better to get some money than to get nothing, and if enough time has elapsed the plaintiff may think of payment as a windfall. Read More »
Credit Repair and Judgments
Judgments fall into a special category of credit repair. A judgment is the final result of a legal action and is thereafter entered into public records as such. Here are a few interesting points about judgments that might be useful to your credit repair effort.
Unpaid judgments can continue to report for seven years from the filing date, or the statute of limitation, whichever is longer. Statutes of limitation are state specific, so if you want to know how long a judgment may linger on your credit report you will need to research it (if you are in our credit report repair program we will do this for you). Generally statutes of limitation on judgments are quite long and often include renewal terms.
Paid judgments are different and get very special treatment. A paid judgment can only report for seven years beyond its filing date. This may be a great credit repair blessing. If a judgment was filed seven or more years ago, paying it off will have the effect of causing it to be removed immediately! Depending on the dollar amount this may be worth considering.
There is another credit repair tool that can be used to remove a judgment from your credit report called a set aside letter. A set aside letter is a motion to have a court’s judgment overturned. Unless you have an airtight case and plan on hiring an attorney, there is no likelihood of successfully managing this without cooperation from the plaintiff. But if you can entice the plaintiff to sign the motion indicating that there was a material error involved it can be done.
This credit repair technique is a bit complicated and its success is predicated on the willingness of the plaintiff to give you the benefit of the doubt regarding the original legitimacy of the case. Even with the willing participation of the plaintiff you would be advised to have an attorney assist you with this process.