By financen | October 18, 2012 - 3:24 pm - Posted in Credit report, Judgment

You have a judgment showing up on your credit report. You have two choices. Pay off the debt and get a satisfaction of judgment or dispute the item with the credit bureaus.

Judgment

Judgment

A judgment is a court order for someone who has not been able to pay off his past debt and the creditor has filed a lawsuit against him. The court will not force the debtor to pay back the creditor. Instead, the creditor has to take necessary actions on their own to collect the debt from the debtor. There are several ways of doing this.

If the debtor owns a property, they can have the judgment recorded in the counties where the property is located. If the debtor is trying to sell or refinance the property, a title search will show the judgment. The judgment is a lien on the property, just like a mortgage, and it has to be paid off before the property can be sold or refinanced.

If the judgment is for a high amount of debt, and the debtor has non-exempt equity in the property, then the creditor will try to put a lien on the property and then sell it to pay off the judgment. Now, if the debtor is residing in that property, there are certain rules that must be followed. For example, in US, a creditor cannot claim a certain portion of the equity in the real estate. This means that the debtor can keep that portion in equity from the sale.

Not only just property, judgments can also be collected against bank accounts, and wages through garnishment. Finally, a creditor can elect to have the county sheriff seize non-exempt personal property from the debtor and have it sold at a Sheriff’s Sale.

Unsatisfied civil judgment will have a negative impact on your credit scores. The credit bureaus collect information about judgments by searching real estate and court records. Once you have paid off a judgment, you must ask the creditor to file a satisfaction of Judgment with both the court, and in any other counties where the judgment was recorded. This will prove that the judgment was paid, and it will not do any damage to your real-estate transactions.

Once the satisfaction of judgment forms are filed, still if the judgment shows up on your credit report, then you must dispute the item with the concerned credit bureaus. Write a dispute letter to each of the credit bureaus informing them that the judgment is been paid. You can also attach a copy of the satisfaction of judgment from the court. The credit bureaus will have 30 days to verify your information with the court, and if all the information is found to be correct, they will show it as a paid judgment on your credit report.

In some states, the social security number of a judgment debtor is not included in the court file. Because of this, the credit bureau may list the judgment on the credit reports of all debtors with the same or similar name. If you see a judgment wrongly showing up on your credit report, immediately write a dispute letter to the credit bureau and get it deleted.

Important links:

http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre34.shtm

https://ows2.gov.ns.ca/LandRegistrationResourceMaterial/Land_Registration/Bankruptcy/Discharge_of_Bankruptcy/Discharge_of_Bankruptcy_Remove_Judgment_Roll_only.htm

Comments Off on Ways to legally remove a judgment from your credit report
By financen | July 20, 2010 - 3:28 pm - Posted in Credit, Credit Repair, Credit report

Do you know that the three major credit bureaus will go through the most number of consumers’ credit report disputes during the holiday season? During this time of the year, the number of staffs in the credit reporting agencies along with the creditors themselves is less in number.

Under the federal Fair Credit Reporting Act, a credit repository has five days to contact the creditor after the submission of the consumer’s online dispute or from the receipt of the written request. They are required to do all the investigations within the specified time period as per the FCRA laws. Once the dispute has been investigated with the information providers, the credit bureaus are required to reply to the consumer with the results of the investigation done within 30 – 45 days from the date of the submission of the complaint. They should submit a written report with the findings within five business days after the investigation is completed. If any changes are done on the credit report, a fresh copy should be mailed to the mailing address of the consumer.

The credit bureaus and the credit grantors are required to adhere to the time frame within which the dispute has to be verified. November and December are said to be the best time of the year to fix credit ratings and get negative information removed. This process is usually believed to take more time in other months of the year.

If the credit bureau or the information provider is not able to verify your dispute, then the negative item should be considered as inaccurate and hence, it should be removed from your credit file. Each questionable item should be dealt individually, except for erroneous personal data. If you have several items to dispute on your credit report, the credit bureau will assume that your request is frivolous or irrelevant. If you have to dispute multiple items on your credit report, send each letter separately so that prompt actions can be taken to fix your credit.

Comments Off on Best time of the year for repairing credit
By financen | June 7, 2010 - 2:10 pm - Posted in Credit, Credit Repair, Credit report, Credit Score

Your credit rating is the most important factor in front of anyone. You will need to have a good credit standing when you are applying for a job or when you are looking for some financial debt help from the banks and other prestigious financial institutions. Your credit can dictate the house you live in, the car you drive in. The information contained in your credit report is used for many different life events. Your credit scores will go down if your information providers have reported some negative remarks to the credit bureaus. It doesn’t mean that the negative items cannot be fixed. There are reputed credit repair companies that can help you mend a broken credit score.

 

 

Taking the help of a law firm to repair your credit is a good idea. These law firms have been helping people with bad credit to remove the negative items so that they can regain their financial worthiness. With the help of the law firm, people who earlier had bad credit are now able to have normal productive new lives as unverifiable and erroneous information were immediately removed from their credit report. These law firms use the credit repair review which finds out why you were denied in getting a new car, a home or a new career.

According to the FTC, an average person can usually spend at least 100 hours just to fix one negative item on his credit report. Anyone can get an inaccurate negative item removed from his credit report by contacting the credit bureaus, but doing so, you have to go through a lot of red tape and call each company reporting on your credit report. Most of the times, the credit grantors will give you a run around that can delay the whole process. These law firms in such situations seem to be a great relief as they work with credit agencies and the credit bureaus with the objective of removing the negative items on your credit report.

When you are looking for a company to fix your credit report, give more preference to a law firm because they have their licensed attorneys and they know the laws as per the FDCPA and the FCRA. They can not only empower the customers with knowledge and work out possible ways to fix their credit ratings, but can also take legal actions against the credit grantors and credit bureaus if they seem to be violating the laws and reporting inaccurate information even after providing proof.

There are different services available with credit repair from ala carta to monthly membership levels. There is a plan for all kinds of people who are looking to fix their credit ratings. If you are interested, law firms can set up your account within the same day and start the credit repair process after you provide them the latest copy of your credit report and put a request on the items to be investigated.

Credit repair process with the law firms is simple and easy. You just have to sit back and relax in the comfort of your living room. You can stay posted on the status of your account by logging into the online account with them. If you feel that your score is out of control then you could benefit from a credit repair review and have an experienced professional aid you with your credit problems. If you feel like someone else is driving your score, than you could definitely benefit from their knowledge.

By financen | June 11, 2009 - 4:00 pm - Posted in Credit report, NCO Financial

NCO financial is one of the largest collection agencies hired by the creditors to collect consumers’ debts. They are individuals that say that they reported on the consumer’s credit report by mistake.

If you see an inaccurate negative item on your credit report by NCO Financial, you can dispute the item with the credit bureau and get it removed. You have to write a dispute letter and mail it to the credit bureau. Make sure that you are doing the communication in writing and send the letter through certified mail, return receipt requested. This will keep a track of all the communication done regarding the dispute.

When you draft the dispute letter, explain the reason of getting the item removed from your credit report. For example, if the account is already paid or if the balance is posted wrong, provide a proof of the receipt or if the account showing up on your credit report belongs to someone else.

As per the laws of the Fair Credit Reporting Act, you can dispute the incorrect negative items on your credit report and get it removed. The credit bureau must investigate your dispute and contact the information provider for getting it fixed. If your dispute is found correct, the item will be removed from your credit report and a fresh copy will be sent to your mailing address.

If NCO Financial has posted a negative item on your credit report and it is correct, you can still get it removed. Contact the collection agency and make payment arrangements with them. Once the account is settled, you can request them to remove the negative item from your credit report.

NCO Financial is one of the largest collection agencies established since 1920s and they are headquartered in Pennsylvania.

They are located across 9 different countries with over 140 operation facilities. They mainly do their collections on accounts related to education, utilities, health care and more.