If there is already a thread on this. When you owe a creditor money and don t pay it the creditor can try to recover it by going to court and suing you for it.
You can pay in full with a lump sum directly to the creditor if you can pull together enough money.
How to get rid of a judgement on your credit. These types of judgments are court rulings that pertain to the repayment of a debt. I have also raised my credit score truecredit from about 585 to 607 just from doing a few of the things i have read. The credit agencies will remove the judgment from your credit report if you can show that you did in fact pay your debt on time.
Your credit report generally shows your mortgage debt first second mortgage heloc and the balances still owed on them. Im new to this but have been browsing your forum for about a month. In the past the judgment would have become part of your previous tenant s credit report with no action on your part.
If bankruptcy is not an option for you and the judgment is more than 2 years old the only real option you have is to satisfy settle the judgment. Each state is different so yours may not allow for a renewal which in that case you could get it off your credit reports because. Judgment on your credit reports.
Only civil judgments are reported to the credit bureaus. Civil judgments like the one you describe are a debt owed through the court. Look at the statute of limitations for judgments and if your state allows it to be renewed.
Filing a bankruptcy petition will place an automatic stay on the judgment and any enforcement actions. Is the judgment still legally allowed to be on your credit reports. A judgment is a court order that results from a lawsuit.
Wow what a wealth of information. If you paid your debt after the judgment was already established on your credit report the agency won t remove the judgment but it will at the very least mark your debt as paid which is helpful though not ideal. Vacating a judgment is the best course of action to get the judgment fully removed from your credit report.
Anyways on to my question. In fact judgments will generally remain on your credit report for seven years from the judgment date the day the judgment was filed before expiring. Because judgment liens have to be cleared up eventually in order to pass on clear title to a purchaser or when refinancing they can make a fairly good guess at whether they should hold out to get paid more.
And sadly that may not be the end of the story if your judgment remains unsatisfied. If you do owe the money simply accepting the judgment is likely your best option. However experian no longer shows judgment and tax lien information as part of a consumer s credit history.
Essentially an appeal to the court you can file a motion to have your judgment dismissed.