Credit Card Judgments - Remove from Credit History
When you see a civil judgment on your credit report it means that a creditor has sued you for payment of a debt. It is a legal hearing that gives the debt collector an extended amount of time to collect the debt.
A judgment gives the debt collector up to 20 years to collect on a debt. This is beyond the 7 year statue of limitations that applies to most debts. Often judgments are granted on unsecured debts.
A new tactic that debt collectors have been using is renewing judgments. This gives the debt collectors an additional 20 years to try and collect payment after the first 20 years. This makes it possible for a judgment to follow you for the rest of your life.
A judgment will drastically reduce your credit score. Be aware that paying a judgment will not remove it from your credit report.
When a judgment is paid it changes the listing to satisfied judgment. A satisfied judgment is still a derogatory listing and will still hurt your credit score.
In order to delete a judgment you should dispute it. This means you are saying the judgment is inaccurate or invalid.
This is done directly with the credit bureaus. It is done by writing a credit repair letter to dispute the judgment.
When you dispute a judgment if it is not verified then it will be removed by the credit bureaus. It has been found that when negative listings are investigated they are often removed regardless of accuracy.
This happens because it costs the debt collectors money to verify a listing. Typically debt collectors do not want to spend money verifying listings.
The difficult part is to get the credit bureaus to investigate a disputed listing. This is a result of the investigation costing the credit bureaus money that would otherwise be profit.
Thus some individuals have found it beneficial to hire a professional credit repair firm to dispute the listings on their behalf.
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