A. 7-10 years – or longer!
A judgment is a legal document stating that you have defaulted on a loan or a mortgage. This document simply means you were sued by the lender and have been found legally responsible to repay the debt.
The lender will have up to 10 years to collect this debt! And it will ruin your credit score! Depending on what state you live in you may have a lien placed against your home or property or even have your wages garnished.
Even if this judgment is paid it does not mean the item will be removed from your credit report. The original creditor who filed the judgment is the only one who can remove it or have the court issue a vacate judgment.
You can try to contact the creditor and negotiate some kind of repayment schedule or settlement, but it will remain on your report. You may however negotiate with creditor to stop reporting the debt to the credit bureaus in exchange for your payment.
Then you can file a dispute letter or hire a credit repair services to dispute credit items. And when the item is investigated it will not be verified by the creditor and will be removed from your credit report.
You can also have a judgment removed by the credit bureaus if the listing is erroneous or inaccurate. It is estimated that 25% of all credit reports have an error on them. This error is costing you real money on higher interest rates and fees and posibly even embarrassment by hearing those dreaded words – DECLINED.
Take the first step today to fixing a damaged credit report and credit score!
Call 1-800-230-1954 and get a 100% Free – No Obligation Credit Consultation!
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