How to Get Judgments Removed from Your Credit Report
What’s up family? This is your boy Ivan Hall, the Credit King, are you been sued by a creditor? Are you in fear that a creditor will try to get a judgment against you and damage your credit?
If a creditor or collection agency has sued you, then that results in a money judgment. A judgment won’t guarantee that the creditor will be paid because he still has to hunt for your bank accounts and assets. But if he knows where they are, they can apply to seize them. This is a very stressful situation to be in because you are constantly worrying if today will be the day my bank account gets hit.
Will the judgment creditor seize my car? A money judgment acts as a security for the debt you owe. How secure is your mortgage or your car secured loan? By placing a judgment against you, the creditor can continue to monitor your assets to find an inter-collection.
Hopefully, here we can show you some protection methods. If you’ve got a judgment against, you’re worried about what will happen if you are sued, there may be several things you can do, including fighting the judgment, vacating the judgment, and settling the judgment out of court. When a debt is in collections and you are served with a lawsuit, you are given about 30 days to object to the filing, if you have a cause.
If you can prove that the debt is invalid, you can get the hearing for the judgment, dismissed. If you do nothing, even if it’s invalid, it will be entered as a default judgment. For this reason, you should never ignore the request for entry from the court. If you can prove it’s erroneous or has flaws, show up and prove it, judgment on your credit reports.
The Question Is, is the judgment still legally allowed to be on your credit reports? Look at the statute of limitations for judgments. And if your state allows it to be renewed, 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 it’s expired. Lots of people have successfully deleted a judgment from their credit reports because it was expired and there was no state law to allow it to be renewed.
Negotiate the judgment, don’t just pay it. If the judgment has been verified as timely and you have no other documentation to prove it is not, then you can negotiate with the OC to dismiss the judgment in exchange for money. This is a much better rating than a satisfied judgment, which tends to indicate that it was dismissed and therefore legally void. This is a better rating than showing you simply paid it. That means you owed it. Not much of a credit improvement to show for vacating a judgment.
Motion to Vacate Judgment
There is a procedure called a motion to vacate a judgment. This procedure can be used if you have good cause to believe you were sued in error. were exempt because of retirement or SSI or served improperly. When you were served, you should have been notified with plenty of time to find the response. If you weren’t, then that could be an improper service and cause you to have it set aside or vacated by the statute of limitations on judgments.
The statute of limitations SOL
The statute of limitations SOL on judgments is long, very long, usually 12 to 20 years, and many are renewable. A judgment may be renewed if the creditor files a new suit seeking to renew the judgment prior to the expiration of the original judgment. Therefore, the judgment could follow you around forever. Even if you pay it, you will be stuck with a satisfied judgment for seven years from the date it was satisfied and not filed. This can be a hopeless situation, so avoid being sued at all costs.
If you are sued, never let a default judgment be entered. You have nothing to lose by disputing the validity of the judgment or even settling it out of court to avoid that nasty record landing on your credit reports. Even if you owe the debt and it has not legally expired under the Sol, you have no claim to vacate it.
You should attempt to settle it out of court before the court dates so that it can be set aside. All of the OC’s money was once theirs, so calling them to work out a settlement is the only logical thing to do. Otherwise, you may be forced to pay it later through a wage levy or asset liens, not to mention the damage it will have done to your credit reports. Remember, avoid having judgments placed on your credit report at all costs.
Now Go Get That Money
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