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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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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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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