How long judgement stays on credit report?
I have received several emails about paid judgment, credit report and score scenarios. They all go like this one,
I have a judgement on my credit report which was satisfied 3 months ago and I thought it would be removed immediately. It is still there. How long does a judgment stays on credit report? How can I get it removed? My credit score dropped 100 points when the judgement appeared, it did not increase after it was satisfied.
Leaving the credit score situation for another post, I can only say that you have a problem. A satisfied judgement is an admission of guilt. Normally it will stay on credit report long enough to cause you some credit pain - for 7 years. You should have tried to get a judgement removed for paying it off.
If you have an unpaid judgement, then you can try to get it vacated or dismissed. It can be done if a creditor did not follow the law or on certain technicalities. You can read How to remove a judgment from credit report, but it is too late, in my opinion. Your only hope now is to get a letter of satisfaction from the plaintiff, and try to convince credit reporting agencies to remove judgement.
The web is full of advise and most of it is misleading. Some state that you can go to the court house and pay a judgement release fee between $50 and $200, depending on your locale, and the court will release a judgment, giving you some prove which you then send to the credit reporting agencies and get it off. I don't think it is true.
Others claim that in certain states, a creditor must file a letter of satisfaction once judgement is paid off. If creditor doesn't do it, you can file a motion forcing it to change status to satisfied. Then you can get credit agencies to drop it of your credit report. In reality, the only thing you achieve is to get the agencies to report the judgement as satisfied. And it still stays on credit report for 7 years.
Tue Mar 29, 2011 10:03PM | Copyright: www.bad-credit-advisor.com | More in Credit Report Dispute | Comments (0)
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