If you have a few credit judgments on your credit report, eliminating them is a great way to revamp your credit worthiness, as well as boost your credit score.
A judge will order your owed debt 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.
There are various ways to delete credit judgments:
1. Try for a Motion to Vacate
If this is what you choose, you will need to learn about court procedures in your area. However, understand that if the courts grants your vacate request the credit judgment should be deleted from your credit report immediately.
2. Find out about the Statute of Limitations in your State.
For credit judgments here in the state of Texas, the statute of limitations is 10 years, but after this runs out it can get revamped within 2 years. The interest rate on judgments used to be 10% now it is only 8.25%.
Normally a credit judgment will stay on your credit report for 7 years; but for 20 years they can still be collected on. If the credit judgment stays open and has not been collected, then after the 20 years is gone it is still easy to get an extension.
Credit judgments that have exceeded your state's statute of limitations can be erased with the credit bureaus. You will have to object to that particular judgment as being "obsolete".
3. Arrange for a Removal
You may also try to negotiate a pay for delete with the original creditor to get the judgment erased completely from your credit report. If you just pay the judgment without negotiating for it to be deleted as well, then it will still be reported on your credit report and updated as paid.
Best of luck. - 15224
A judge will order your owed debt 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.
There are various ways to delete credit judgments:
1. Try for a Motion to Vacate
If this is what you choose, you will need to learn about court procedures in your area. However, understand that if the courts grants your vacate request the credit judgment should be deleted from your credit report immediately.
2. Find out about the Statute of Limitations in your State.
For credit judgments here in the state of Texas, the statute of limitations is 10 years, but after this runs out it can get revamped within 2 years. The interest rate on judgments used to be 10% now it is only 8.25%.
Normally a credit judgment will stay on your credit report for 7 years; but for 20 years they can still be collected on. If the credit judgment stays open and has not been collected, then after the 20 years is gone it is still easy to get an extension.
Credit judgments that have exceeded your state's statute of limitations can be erased with the credit bureaus. You will have to object to that particular judgment as being "obsolete".
3. Arrange for a Removal
You may also try to negotiate a pay for delete with the original creditor to get the judgment erased completely from your credit report. If you just pay the judgment without negotiating for it to be deleted as well, then it will still be reported on your credit report and updated as paid.
Best of luck. - 15224
About the Author:
Home Buddies is a Houston credit repair coach for investors in real estate. Home Buddies coaches clients through the process of restoring credit and helps them overcome obstacles to financing properties and growing their portfolio.
