How to Remove Judgements on Your Credit Report?

CreditPeople losing lawsuits is quite common but have you heard that in cases when you lose your case against your creditor, the judge can offer the creditor the chance to go in for a money judgement against you and this kind of judgement is more injurious than paying fine. The money judgement can hamper your credit rating and can also affect your wage garnishment as well as your bank levies. According to the Fair Credit Reporting Act, your money judgement will affect your credit history for a period of seven years or it can even be longer as per the time period that is enforceable in your residing state. However, there is a possibility that the credit bureaus might mix up this information and somebody else’s judgement can reflect in your report depleting your credit score drastically. Such an instance can prove to be a difficult affair; nevertheless, you need to fight this war regarding the erroneous record.

1)    You need to first get hold of the copy of your credit history from each of the credit bureaus which are the Equifax, TransUnion or Experian and you can also print out your free annual credit report at AnnualCreditReport.com.

2)    You need to keep a record of the judgement’s docket number which will appear on the ‘Public Information’ section of your credit report. Also, consult Your Personal Financial Mentor at each step because he can guide you based on his professional experience in the market and can make your task easier.

3)    You need to get a copy of the judgement and for this purpose, you should visit the courthouse which had given out the judgement and you will be able to get the judgement’s copy by providing the docket number to the clerk. In this manner, you will be able to get the name and address of the defendant.

4)    You should keep a copy of the judgement for yourself and as well as the copy of a photo identification card such as driving license or the passport which will help you to prove your identity.

5)    After you have all the relevant information, you should write a detailed letter to the credit bureau clearly explaining them the mismatch that has occurred in this case. Make sure that you explain clearly that the judgement was not passed in your name and is actually a wrong entry in your credit report. Also, emphasize that the credit bureau should carry out a thorough investigation and while sending the letter, also attach the copy of the judgement, copy of the photo identification proof and also encircle on your credit report, the judgement that has been accidentally added on.

In such cases, the credit bureau is bound to carry out an investigation and the Federal law clearly states that such investigations should be completed within a matter of 30 days and the judgement needs to be certainly erased off from your report within this stipulated time period.

Also you can visit other articles  for more update information on credit. For example, you can learn more about different types of consumer credit.


Categories: Credit

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January 20, 2014 How to Remove Judgements on Your Credit Report?