Paid collection on credit report affects credit scores
Q: A judgment was filed last February and I just paid it in full yesterday. Does a paid judgment affect credit scores? Can I remove a paid judgement from my credit report? I would like to buy a house in a few months.
A: Of course, paid judgment stays on your credit report for at least 7 years and affects your credit scores very negatively. You may still try buying your house if your middle score is at least 620. You can even get an FHA loan, but unless you had quite an establish credit history prior this judgment, I doubt you scores are above 620 now. But check them as soon as you can. Get the same mortgage broker whom you may later use for home purchase to run your credit report. Can you remove a paid judgement from credit reports? Theoretically, you can try get this judgment vacated. You would have to file Motion to Vacate Judgement. Procedures also vary depending on state. See here.
Tue Jun 23, 2009 12:06PM by Tony | More in Credit Repair | Comments (0)
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