Judgments are essentially lawsuits filed by a creditor that you owe money to. You generally can't get out of a judgment unless you go to court to fight it. You generally will have to pay a judgment willfully or by force to satisfy it. It will also show up on your credit report unless you dispute it to the credit bureaus. The credit bureaus have 30 days to verify it or it will be removed from your credit report.
If the judgment names only one spouse as the judgment debtor it will not be entered on the non judgment spouse's credit report.
The credit bureaus and the original creditor that filed the judgment are the only ones that can remove it. You can contact the original creditor and try to negotiate removal of the judgment upon payment. You can also dispute the judgment to the credit bureaus and they have 30 days to verify the judgment or it must be removed from your credit report.
== == A judgment will remain on a credit report for the full 10 years. If it is paid it will still show on the report as "satisfied" or similar wording. The time is determined by the date the judgment is issued.
In NY State it will stay on your credit report for 5 years from the date filed. Most states are 7.
If it was not paid in full or settled, the judgment may have been renewed by the judgment holder. Most judgments are renewable and can be kept on a credit report for an undetermined amount of time.
You would only be able to write a derogatory letter if you a creditor who reports to the credit bureaus. If someone owes you money, you can go to court and file a judgment. This would show up on someones credit report, showing 'you' as the plantiff and the debtor as filed against. The judgment would remain on a credit report until the judgment is paid or falls off the credit report in seven years.
You can have a credit dispute, if the agency reporting the bad judgment does not get back with the company disputing the judgment within 30 days, it HAS to be removed from your credit report. Example: I filed bankruptcy(?) on a auto repo. and the company did not take it off my credit report, I had my credit card company do a credit dispute, they did not respond within 30 days, and it was removed from my credit report.
Not if the debt was discharged in the bankruptcy. If the judgment was on the credit report before the bankruptcy was filed and/or was discharged in the bankruptcy, the entry will still remain on the CR for seven years.
Satisfied judgments do not get removed from a consumer's credit report until 7 years from the date they were filed. You might get lucky and the judgment be shielded from view 7 years after the original legal action was filed (once the satisfaction shows). It is possible, and legal, for the satisfaction to show for 7 full years from it's filing date (which may be different from the judgment filing date).
The statement, "execution of judgment is stayed until final payment is received at which time judgment will be deemed satisfied" means that the judgment will be held against you until the debt is completely paid off. You can then get a letter of clearance to have the judgment removed from your credit report. Most debts will remain on a credit report for 7-10 years, even after they have been paid and satisfied.
Credit bureaus contract agencies to search public records. The judgment is then reported to the credit bureau and the notation is placed in the file of the judgment debtor. False/mistaken judgment entries on credit reports are not uncommon and is a major reason why consumer's should check their report on a regular basis. A civil judgment is entered on a credit report 15 to 30 days after a court proceeding. If the judgment is in fact true in nature, you can negotiate with the creditor to pay them on different terms to keep the judgment off. If the judgment is not yours, you will need to find the state and county in which they were filed and dispute this information with all three credit bureaus.
It means that a claim has been filed with a court for judgment and they are going to try to collect legally through a court. A judgment just gives them the right to pursue you or file for garnishment.
Some judgments will be removed according to the seven year time limit some will not. Many judgments are renewable, if that is the case the judgment can stay or be reentered on a CR. The "filed" indicates when the judgment became valid, and that is the date from which the seven year time frame usually begins.
No. Judgments can only be granted by the court, after a lawsuit has been filed and won.
Chapter 7 will stay on your credit report for 10 years from the date bankruptcy was filed. Chapter 13 typically stays on your credit report for 7 years from the date the bankruptcy was filed, however, can remain on your credit report for 10 years.
The Fair Credit Reporting Act allows that a judgment [paid or unpaid] be reported for seven years from the date the judment was entered, depending on your state of residence.
I can only answer on my own personal experience. When I applied for a mortgage I got a copy of the credit report and it showed a list of the things that positively and adversely affected my credit score. According to that, my judgment brought my score down 100 points.
Civil judgments can appear on your credit report 7 years from the date they were filed.
I am not familiar with Texas law. The federal statute of limitations is 7 years from the date the judgment was rendered, unless there is a state law that superceeds this statute. Then it would be "whichever is longer".
If the judgment is accurate: Locate the jurisdiction (the county courthouse) it was filed in. Pay the balance, or show proof of payment. The court clerks should be able to advise you on the procedure to obtain a "Satisfaction of Judgment" which is the proper legal disposition for a judgment. After you have obtained a satisfaction, have that document recorded. Send a certified copy of the satisfaction to any credit bureau showing the judgment. If the judgment is not accurate: Order your credit report from all three credit reporting agencies. Once you have a report, follow the procedure listed in that report to dispute the inaccurate information. I don't have an answer but rather another question. Can payments be made on the judgement or do you have to pay the whole amount at once?
Your question concerns two separate issues. A judgment is a legal action that is shown in the "public records" portion of your credit. Any legal item needs its' proper disposition. In the case of a judgment, the disposition is a "satisfaction of judgment". To obtain a satisfaction, the consumer would need to contact the courthouse (same jurisdiction) where the judgment was filed, show proof of payment and follow whatever legal procedure needed. The consumer would then need to have this satisfaction recorded. It is also a good idea to forward a recorded copy to the credit bureaus. An open debt in the tradelines, need to be updated to its' paid status, separate from the judgment.
Bankruptcy stays on your credit report for 10 years. If you filed in 2004 it will drop off the month of your filing in 2015.