A judgement will stay on your credit report for typically 7 years. Regardless, if you satisfy or pay the judgement. This is according to the Equifax website. There is no minimum amount of time a judgement on credit report listings must remain.
Potentially, you could have a judgement on your credit report forever. If a creditor decides to renew a judgement against you. They will get an additional 7 years to collect payment from the date of renewal. And this means you will have a judgement on your credit report for an additional 7 years!
How To Remove Judgements From Credit Report Files
On the bright side, a judgement on your credit report is often a relatively easy item to remove. This is because that information is kept as a public record. This means, if you dispute a judgement on your credit report, when the credit bureaus investigate, they will contact the court. They will ask a court clerk to verify the account and the information about it.
According to reports these court clerks are often overworked and underpaid. In other words, a court clerk is not highly motivated to verify information with a credit bureau investigation. The Fair Credit Reporting Act says if an item is not verified during an investigation it must be removed from your credit report.
A judgement is one of the worst items that can be on your credit report. It is going to significantly damage your credit score. In order, to get a good credit score you will need to remove a judgement from your credit report. It doesn’t matter if your building credit, this negative item will ruin your credit worthiness.
How To Dispute A Judgement On Your Credit Report
You can dispute a judgement on your credit report by creating a credit bureau dispute letter. You may also file a credit dispute online, and over the phone. We suggest you create a dispute letter and send that using certified mail. Your going to need to send this letter to all 3 credit bureaus.
Alternatively if you prefer a more hands-off approach. You can hire expert credit attorneys to perform the dispute process for you. Once the credit bureaus get your dispute and find it valid. They will conduct an investigation.
The big catch here is the credit bureaus must first, find your dispute valid. It is common for consumer credit disputes to be found invalid by the credit bureaus. Critics of the credit bureaus, say this is merely an attempt to avoid conducting investigations and correcting information on consumers credit reports.
Did you know it is not in the credit bureaus financial interests to investigate consumers credit disputes? In fact, the Fair Credit Reporting Act requires the credit bureaus to investigate consumer disputes. This is a federal law.
Despite this, the credit bureaus have been fined multiple times by the Federal Trade Commission also known as the FTC for ignoring consumer credit disputes. This is why many people get frustrated, give up, and just live with bad credit! But, you don’t have to just live with bad credit for 7 years or longer.
It is your right just like it is your right to vote, to remove any incorrect, inaccurate, or questionable information from your credit report. Get a free credit consultation by calling 1-877-418-7596. And for more tips and strategies with Dan Willis, sign up for our free newsletter.
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