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| Home Buddies - Delete Credit Judgments for a Better Credit Score |
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| Written by Cliff Pape |
| Sunday, 08 February 2009 09:59 |
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When you have any credit judgments on your credit report, removing them is a excellent way to boost your credit worthiness, as well as increase your credit score. A judge will order your owed debt as valid when he sees paperwork for it. You will have to make payment on the debt when it is court ordered. This happens when you leave an unsettled debt on your credit report for too long. There are other set backs with credit judgments that can create frustrations to get supplements of credit; particularly in the case of the credit judgment affixing to your real property when you are trying to get a mortgage. There are multiple ways to remove credit judgments: 1. Get a Motion to Vacate If this is what you choose, you will need to learn about court procedures in your area. However, know that if the courts grants your vacate request the credit judgment should be removed from your credit report immediately. 2. Get the time period for the Statute of Limitations in your State for credit judgments. The statute of limitations on credit judgments is 10 years here in Texas, but can be revamped within 2 years of expiration. The interest rate on judgments used to be 10% but now the rate is 8.25%. Normally a credit judgment will remain 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 once the 20 years is up it is still easy to get an extension. If the statute of limitations has been capped (as per your state's limits) then you can dispute the credit judgment as "obsolete" with the credit bureaus. This will remove the credit judgments that have exceeded your state's statute of limitations. 3. Negotiate for Removal You don't want to just pay off the credit judgment because it will still be reported on your credit report as a paid judgment. You have to try to speak to the original creditor and get them to agree to have this judgment totally removed from your credit report. Good luck. About the Author: Home Buddies is a houston credit counseling coach for real estate investors. Home Buddies develops and implements a customized strategy to improve credit and creates a business development strategy to help investors or homeowners overcome problems to financing properties and growing their portfolio. Kindly provided by LJ-Marketing.dk You are welcome to use this article on your own website, if you include the link just before this text. |
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