Your creditor threatened a court-ordered judgment but you thought that, if you waited long enough, he would get tired of pursuing you and let it go! Unfortunately, that’s not how it turned out and now a judgment has been issued against you.

What’s worse, you didn’t realize how much this would affect your credit score. The fact is, a judgment can remain on your credit history anywhere from 10-12 years and, if the debt is still unpaid at the end of this time period, your creditor may be able to renew the judgment. Even a paid judgment will remain on your credit report for seven years from the date paid!

So, you’re wondering how to go about removing the judgment. The first thing you need to know is that it is illegal for a credit reporting bureau to remove an accurate entry. The only types of entries which may be legally erased from a credit report are those which are false in nature or those which are disputed but which are not verified by the creditor within the mandated time period. The Fair Credit Reporting Act (FCRA) was enacted in order to allow consumers to dispute items which are negative in nature. Judgments and public records are included in the FCRA.

If you decide that you would like to dispute a judgment entry on your credit report, it will be necessary to send a dispute letter to the credit reporting agencies that are reporting the judgment. Experian, Equifax, and TransUnion are the three major credit reporting agencies. With entries such as credit cards or car loans, the dispute would be forwarded to credit card companies, banks, credit unions, loan companies, car dealerships, etc.

However, with a judgment or public record, the credit reporting agency will forward the dispute to the governmental agency which maintains the record, normally located in the county courthouse of your resident county. Recording and verifying judgments is performed by county employees, not high-tech automated software programs. As it takes longer for a human to search legal records and verify a judgment or public record than clicking a computer key a few times, it is often the case that a judgment or public record request for verification is unable to be completed within the 30-day time limit. If this is the case, the credit reporting agency is legally required to remove the judgment entry from your credit history.

You can attempt this process yourself. However, if you would prefer, you can employ a knowledgeable and experienced consumer rights attorney to address this for you. The upside to going this route is that an attorney who practices consumer rights law has typically handled hundreds, and possibly even thousands, of cases of this type.

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It can be financially devastating to have a vehicle or other item repossessed, not to mention embarrassing! The repercussion of repossessed items can mean different things to different people. Repossession of a vehicle usually means loss of freedom to the owner. Repossession (foreclosure) of a home can mean the loss of family memories. Beyond these emotions, a repossession will trigger the downward spiral of your credit score!

Though you may feel like this is the end of the world, rest assured that it isn’t! Things will get better. I can’t help you get your vehicle or any other item back once it’s been repossessed; however, I can help you understand how to begin rebuilding your credit. To start, you will need copies of your credit reports. You can obtain these from the three major credit reporting agencies – TransUnion, Equifax, and Experian. Upon your request, these three major credit reporting agencies are legally required to provide you with a copy of your credit report every twelve months.

Once you have all three credit reports in hand, schedule a little time to review and compare all three credit reports. Repossessions normally have associated fees, such as storage and towing charges. These related charges will be listed on your credit report along with the repossession itself. After reviewing your credit reports, you should gather together all of your repossession receipts and compare them to the fees listed on your credit reports. All amounts listed on your credit reports must be reported accurately. If they are not reported accurately, you can dispute them with the credit reporting agencies.

If you find any discrepancies on one or more of your credit reports, you should write a dispute letter to the relevant credit reporting bureaus explaining the errors and requesting removal of the repossession entry. You should include a copy of your credit report with the errors highlighted as well as the receipts which correspond with the errors on the credit report. Also, be sure to retain copies of all letters you send.

Upon receipt of your dispute letter, the credit reporting bureaus have 30 days to verify the repossession entry. The credit reporting bureaus will contact the creditor and attempt to verify that the information reported on your credit report is accurate. If the creditor cannot verify this information, for whatever reason, within the stated time frame, the credit reporting bureaus must by law remove the entry. A letter should be sent to you by the credit reporting agencies which explains what action was or was not taken and why. A repossession entry, if not removed, will remain for seven years on your credit report.

If disputing the repossession entry with the credit reporting agencies does not work, you might try contacting your creditor to negotiate the removal or improvement of the repossession entry. To do this, you would want to call or write your creditor and request removal of the repossession entry in exchange for partial payment or payment in full. If an agreement is reached, be sure to obtain the agreement in writing along with both of your signatures.

I know that it is hard to deal with the emotional side of repossession; however, you can get through this and, in time, regain your financial footing. Times are tough across the country and you are not alone. Just move past this and begin to repair your credit – the sooner, the better!

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Credit card judgments acknowledge that a debt is outstanding and spells out the way in which the debt may be recovered. This often takes place when a credit card cardholder has missed monthly paments and has not made an effort to work with the credit card provider to bring the account current.

Idealistically speaking, before getting to this point, it would be best to contact the card provider so things do not get out of hand. Credit card providers are often willing to work with a cardholder to either arrange a payment plan or to arrange for a pay off in full for a reduced debt amount.

A collection agency may end up with your credit card debt if you do not work with the credit card provider. Once this happens, you will no longer be able to negotiate with the credit card provider. Filing a legal action against you is not an option which collection agencies like to entertain. This is because law suits are costly and time-consuming. In light of this, collection agencies prefer to work with you to resolve the debt issue. They would prefer that you arrange to make a lump sum payment or agree to monthly payments.

If your debt does come before a judge for a credit card judgment, you have the right to appear before the judge and plead your case. If the debt is not yours or if the seizing of the assets would mean serious difficulties for you, the judge may take this into consideration. However, this is viewed on a case-by-case basis.

It is good to know that not all assets may be seized and the judge will ascertain which assets may be used to recover the debt. It is also possible that money may be taken from your bank account, your wages may be garnished (depending upon state law), and a lien may be placed on your real property.

It goes without saying that a credit card judgment will create havoc with your credit score. You will most likely be denied for most credit products and, if you are approved for any credit products, exorbitant annual percentage rates (APRs) and annual and monthly fees will be associated with those which are offered to you. Additionally, your credit report can carry this credit card judgment for up to seven years.

It is important to keep in mind that a credit card judgment will likely affect future employment opportunities or advancement related to your current position. Additionally, a credit card judgment can make finding reasonable rates for home and car insurance very difficult.

It is best to pay the credit card debt off as quickly as possible once the judgment has been issued. Once you have paid this debt off, you should try to contact the credit reporting agencies to attempt to have the debt removed in its entirety or to request this entry be revised to a “paid” status, at the very least.

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Did you know that there is such a thing as “good credit” credit cards? To learn more about “good credit” credit cards, continue reading.

In the business world, business owners will always seek out those people they perceive to be good customers in order to sell merchandise to them or transact business with them. When it comes to credit card companies, this is true as well. Credit card companies will approve credit cards for those people they feel are reliable, have a good credit rating, and pay their bills on time.

The best credit cards will be offered to those people who are considered to be a good credit risk. These people will garner the “best” credit cards with the best rates and the best incentives. These are the credit cards which are considered the “good credit” credit cards. These cards offer low annual percentage rates (APRs), no annual or monthly fees, and reduced balance transfer rates.

Most credit card companies cater to those people who fit into the “good credit” category. If your FICO score is 650 or above, you will usually win for yourself the title of “good credit” risk. This is desirable. If you are already there, keep up the good work! If not, keep reading!

If you like to carry a high monthly balance on your credit card, you can save hundreds, if not thousands, of dollars every year by having a “good credit” credit card. How is this possible? Well, if you calculate the amount you will save by having a low APR, little or no monthly fees, and no annual fee, it’s not hard to imagine the money you will save each month alone. The amount saved on interest charges by itself can run into hundreds of dollars if you have a “bad credit” credit card.

If you currently are not eligible for a “good credit” credit card, you can do some things that should, over time, help you to obtain one or more of these credit cards. Good financial practices will go far in this endeavor. You will need to pay your bills on time (every month), lower your income to credit ratio (pay off in their entirety, some, maybe even all, of your bills, excluding, of course, your monthly living expenses), and stay within your allowed credit limit (do not overspend).

You should see your credit score increase monthly by following these steps. In time, you should be able to apply and be approved for a “good credit” credit card.

You should refrain for applying for one of these “good credit” credit cards until your credit score is over 650. The reason to wait is to make sure that you do not damage your credit score by applying too soon and being denied, the denial of which will then be reported to the credit reporting agencies.

You should obtain a copy of your credit report after you have been working for a while to raise your credit score. A copy of your credit report can be obtained from Experian, Equifax, or TransUnion, the three major credit reporting agencies. You have the right to request one copy of your credit report from each of these credit reporting agencies every twelve months. They, in turn, are legally required to comply with your request.

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People are busier today than ever before. Because of this, the thought of reviewing their credit report is often something they just don’t think about. This means that most people don’t even know what is reported on their credit report.

In layman’s terms, a credit report is all of your financial information laid out in a very organized manner on a few sheets of paper. Items listed on your credit report include your credit borrowing history, such as mortgage loans, car loans, credit cards, etc., and your timeliness in paying your bills. Credit applications you have submitted for approval are also included on your credit report, as well as the acceptance or denial of the application.

Most of the time when you apply for credit, the company will request a copy of your credit report. (Believe it or not, even just this request for your financial information will be recorded on your credit report!) The company will then review the credit report and determine if they feel you are a credit risk. If not, you will most likely receive the loan or credit card for which you were applying. Adversely, if you are determined to be a credit risk, your application will be denied.

For this reason, it is vitally important that consumers know and understand what is detailed on their credit history. Just guessing at what is on your credit report is not wise. It is important to KNOW! Not KNOWing may cost you that vehicle you just fell in love with!

It is really very easy to obtain a copy of your credit report. You can utilize one of the many internet businesses which offer this service or you can go ahead and contact one of the three major credit reporting agencies – TransUnion, Equifax, or Experian – for a copy. These credit reporting agencies are legally required to provide one copy of your credit report, every twelve months, upon your request.

Once you receive your credit reports, allow yourself a few minutes to sit down and review each of them. The purpose of this review is to make sure that your spending practices are reported accurately. You will want to make sure that your payment history is correctly stated, old and present addresses are accurate, etc. You will also want to make sure that any old debts which were overdue but, subsequently, paid, are reflected as such. (For overdue debts which eventually were paid, you might consider contacting the lender or collection agency to see if they will remove the debt from your credit report in its entirety.)

If you find any inaccurate or false information on your credit report, it can be corrected. A simple letter to the credit reporting agency explaining the purpose of your letter and outlining the information which needs to be corrected, along with proof of your claim, should result in the information being amended.

The importance of a clean credit report cannot be over-stated. Oftentimes, people are so busy with their day-to-day lives that they may forget about an insignificant $20 payment. This missed $20 payment, eight months down the road, when you are trying to refinance your home or purchase a vehicle, can play havoc with your credit application. This is why it is important and necessary to review your credit report regularly.

Not KNOWING the contents of your credit history can cause financial chaos at the very worst time for you – maybe while you are trying to purchase a home. If false and inaccurate information is allowed to remain on your credit report, you may face years of high APR rates. Don’t let this happen to you. KNOW what is reported on your credit report!

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Have you attempted to read your credit report, but ended up being more confused than when you started? After looking at your credit report, have you wondered what charge-offs are? If so, read through this article to understand the finer points of reviewing your credit report.

So, is it really important to know what is contained on your credit report? The answer to this question is a resounding “yes!” Every financial step you take for the rest of your life will depend on your credit score. For this reason, it is very important to understand your credit report and to know what it contains.

So, the first step is to obtain a copy of your credit report. You can do this by contacting one of the three major credit reporting agencies (Equifax, Experian, or TransUnion) to request a copy. These credit reporting bureaus are legally required to provide you with one free copy of your credit report once every year, upon your request. Alternately, you can contact Annual Credit Report at (877) 322-8228 to obtain a copy of your credit report.

Reviewing your credit report can be overwhelminng until you become used to it and understand it. In order to bring your blood pressure down a few points, let’s go over a few things. There are several different sections to your credit report. The title or heading should readily identify the section you are reviewing. Headings include identifying information, credit history, public records, and inquiries.

The first section of a credit report will usually pertain to “identifying information.” Your name, date of birth, and present and past addresses will be listed here. It is important to make sure that all the information listed is correct, even the zip codes.

The next section should pertain to your “credit history.” This section will contain all the financial information that the credit bureau has on file for you. The items listed will report information such as what type of credit account (Is this a mortgage, car loan, credit card, etc.?), the amount owed (What is your balance?), payment details (Are you behind? Do you pay on time?), and the current status of the account (Is this account current, paid in full, past due, charged-off, etc.?).

Are you wondering what a “charge-off” is? Having a charge off on your credit report means that a credit company has suspended the account and written off the debt. Once the credit company wrote the debt off, they likely passed the debt on to a collection agency. Once this has been done, the only way to remove the “black mark” from your credit history is to pay the debt in full.

The following section deals with “public records” and will report your financial discrepancies. Financial discrepancies can include court judgments and bankruptcies. Public records will drastically harm acceptance of any applications for credit which you submit. Therefore, it is best if this portion of the credit report is blank. Some people have worried that legal actions related to criminal convictions will be listed here. They are not. A credit report is used strictly for financial purposes.

The “inquiries” portion of the credit report is the final section. Here you will find information related to requests which have been made regarding your credit report, such as when lenders have requested copies of your credit report prior to approving or denying your credit application. It is wise to keep in mind that lenders are wary of credit reports where there are numerous inquiries within a short period of time. As such, it is best to limit the number of inquiries on your credit report.

The purpose of reviewing your credit report is to note any inaccurate or false information and work to get it revised. If you should find one or more mistakes on your credit history, you can write to the appropriate credit bureau and request that the information be corrected. Be sure to include copies of any information or documentation you have which substantiates your claim. If you are successful in getting inaccurate or false information corrected, this will positively impact your credit score and this is, after all, the reason for taking the time to sit down and review your credit report.

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Every day you hear about people losing their homes or having their vehicles repossessed. As you can imagine, these types of things will affect their credit rating tremendously. In light of this, people are wondering if it is legal to repair credit. Thankfully, the answer to this is “yes,” credit repair is, indeed, legal.

It seems today that the number of companies who say they can repair credit has increased significantly. These companies can be located on the internet with little difficulty and people wanting to repair their credit are continually seeking out these companies to obtain their help.

There are some companies who will do little to improve your credit and certainly cannot live up to their outlandish claims. However, there are some companies who can help improve your credit and will do so legally.

Don’t become a victim to a company that promises more than they can give! If you have filed bankruptcy and a company professes to be able to remove that bankruptcy from your credit history, you should not walk, but run, in the opposite direction. Bankruptcies remain on credit reports for up to ten years, and this will most likely be the case with yours as well.

One way to begin repairing your credit, is to work on repairing your credit yourself. There is nothing these companies do that you cannot.

You can try to repair your credit legally. To begin, you will need to obtain a copy of your credit report, which you can do by contacting one of the three major credit reporting bureaus (Experian, Equifax, or TransUnion). These three credit reporting agencies are legally bound to provide you with one free copy of your credit report each year, upon your request. In addition, you can contact Annual Credit Report at (877) 322-8228 to obtain this free annual credit report.

Once you receive a copy of your credit history, you should sit down and review it carefully. You need to check all information on the credit report for false or inaccurate information. If anything is incorrectly reported, you should write the credit reporting bureau and request that the inaccurate or false information be removed or revised. You will need to provide the credit reporting agency with any documentation which substantiates your claim. Be sure to retain copies of all correspondence to and from the credit reporting agency.

So, is credit repair legal? Yes. Do you have to pay someone else to do it for you? No. All you need is the knowledge and desire to repair your credit yourself.

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Equifax is one of the three major credit reporting bureaus in the United States. The remaining two credit reporting agencies are Experian and TransUnion. This article is meant to give the reader some insight into Equifax, its origin, and its purpose.

The reporting of consumer financial information in the form of a credit report is what Equifax is known for. Lenders obtain these credit reports in order to decide if they should or should not approve credit applications.

Equifax is the oldest of the three major credit reporting agencies in the United States, having been established in 1899. Equifax was originally founded as the Retail Credit Company and grew at a very fast rate. By the 1960s, Equifax was one of the largest credit bureaus in the country.

Retail Credit Company became Equifax in 1975 and it made some big changes right off the bat by computerizing its records and expanding the data which it compiled on consumers. Ultimately, this “expansion of information” garnered enough attention that the Fair Credit Reporting Act (FCRA) was enacted. The FCRA extends to consumers additional rights regarding the information stored about them.

Equifax’s headquarters is located in Atlanta, Georgia, and it employs over 7,000 employees in 14 countries. Equifax generates annual revenue of over $1.5 billion.

The sale of consumer credit reports to lenders is Equifax’s main source of income. Credit reports list a person’s financial history and credit worthiness. Identifying information, credit background, and payment history are items which are included on a credit report.

Credit reports are usually the deciding factor for lenders when trying to determine whether to approve credit applications. If they obtain a credit report which shows a good credit history and timely payments, that person will likely be approved. Adversely, if they obtain a credit report which details a bad credit history and poor payment practices, that person will probably be denied credit.

Equifax also generates income by selling credit reports to individuals so they may keep track of what their credit score is and if any negative or false information has been reported to Equifax. This also helps individuals to determine if they are a victim of identity theft. If you should need a copy of your Equifax credit report , you can obtain a copy by contacting Equifax directly or by calling (877) 322-8228. Pursuant to Federal law, the three major credit reporting bureaus are required to fulfill your request for a copy of your credit report once every twelve months.

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It is easy to obtain a copy of your credit report and this is the first thing you need to do to start repairing your credit. This article will explain how to go about obtaining a copy of your credit report and some of the benefits for doing so.

There are several reasons for requesting a copy of a credit report, however, the most common is to help rebuild a person’s credit. A credit report documents a person’s financial history in its entirety. Additionally, a credit report is comprised of entries which include identifying information, a listing of credit accounts, and payment history. Reviewing your credit report will allow you to determing if the entries listed are accurate. If there are any inaccurate or false entries on your credit report, they have already decreased your credit score.

You can raise your credit score by disputing any inaccurate or false information that you find on your credit report. This will mean sending a dispute letter to the credit agency asking that the disputed item be revised or deleted. The credit bureau must receive verification of the disputed item within 30 days and, if it does not receive verification within the alloted time, the credit agency must delete the entry in its entirety. Your credit score will increase with the deletion of each disputed item.

Budgeting can also be a reason for requesting a credit report. A credit report will let you see in a single report the breakdown of your credit accounts. This report will help you in deciding if you should consolidate your debt or how you should prioritize your payments.

Reviewing your credit report can also help protect you against identity theft by allowing you to compare all recent credit activity with your recollection of your personal credit transactions. Identity theft is a serious threat to a person’s financial situation as well as their credit worthiness.

There are several ways to request a copy of your credit report. You can obtain a copy of your credit report from one of the many internet businesses which offer this service. Additionally, you can obtain a copy for free from the three major credit reporting agencies, Experian, Equifax, and TransUnion. These three major credit reporting agencies are legally obligated to provide you with a free copy of your credit report once every twelve months. You may obtain your free copy of your credit report by calling Annual Credit Report at (877) 322-8228.

Be wise and request a copy of your credit report today. Once it arrives, sit down and look it over for any discrepancies. By doing this, you can begin to repair your credit.

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