A judgment is also commonly referred to as a default judgment or credit card judgment. This is simply a variation of the same meaning.
A judgment means you have been found legally responsible for a debt. This finding has happened in a court of law.
The lender went to court and filled a lawsuit against you and won their case. This will give the lender legal grounds to have your wages garnished to repay this debt.
This will cause you credit score to be negatively impacted, it is a very derogatory mark to have on your credit. Judgments can be sought after for any sort of unsecured debt, it is common for collection agencies to seek judgments.
This mark will remain on your credit file for 7 - 10 years. It depends upon what state the case was filled in and what the statutes of limitations are in that state. It is also common for lenders to seek a renewal judgment if the debt has not been repaid at the end of 7 or 10 years.
This makes it very difficult to ever remove a judgment from your credit. However it can be done and with a little luck you may not even have to pay it.
I would first suggest creating a dispute letter. In this letter you identify the judgment listing and explain the reason it is not accurate and mail it to the credit bureaus.
The bureaus will then hold an investigation. They will try and verify the debt and the amount of the debt with the lender or collection agency.
If the debt is not verified or found to be inaccurate then the bureau must remove the mark from your credit report. Often investigations result in a mark being erased.
However a judgment is a very bad mark and these marks are more likely to be verified. This typically means you are going to just have to live with the negative mark.
However in some circumstances a judgment is simply wrong. The mark should be removed from your credit report.
This is when I would suggest a credit repair law firm. They can use their knowledge and expertise and if necessary a court of law to prove that this judgment is not correct and not accurate.
You can actually hire a credit attorney at a reasonable rate. Lexington Law has 22 credit attorneys on their staff and they can be hired at under $80 a month for the top of the line service.
A judgment means you have been found legally responsible for a debt. This finding has happened in a court of law.
The lender went to court and filled a lawsuit against you and won their case. This will give the lender legal grounds to have your wages garnished to repay this debt.
This will cause you credit score to be negatively impacted, it is a very derogatory mark to have on your credit. Judgments can be sought after for any sort of unsecured debt, it is common for collection agencies to seek judgments.
This mark will remain on your credit file for 7 - 10 years. It depends upon what state the case was filled in and what the statutes of limitations are in that state. It is also common for lenders to seek a renewal judgment if the debt has not been repaid at the end of 7 or 10 years.
This makes it very difficult to ever remove a judgment from your credit. However it can be done and with a little luck you may not even have to pay it.
I would first suggest creating a dispute letter. In this letter you identify the judgment listing and explain the reason it is not accurate and mail it to the credit bureaus.
The bureaus will then hold an investigation. They will try and verify the debt and the amount of the debt with the lender or collection agency.
If the debt is not verified or found to be inaccurate then the bureau must remove the mark from your credit report. Often investigations result in a mark being erased.
However a judgment is a very bad mark and these marks are more likely to be verified. This typically means you are going to just have to live with the negative mark.
However in some circumstances a judgment is simply wrong. The mark should be removed from your credit report.
This is when I would suggest a credit repair law firm. They can use their knowledge and expertise and if necessary a court of law to prove that this judgment is not correct and not accurate.
You can actually hire a credit attorney at a reasonable rate. Lexington Law has 22 credit attorneys on their staff and they can be hired at under $80 a month for the top of the line service.
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