Getting a judgment removed from your credit report is not always easy, but eliminating it can be done if you are determined enough and if you know the necessary steps to take. Here are some steps you can take: Here are some steps you can take:
1. Now, take time and go through the credit reports in order to determine which one has the judgment. The first is requesting credit reports from the three major credit bureaus namely Equifax, Experian, and TransUnion. Read through each report and take down some notes with special attention to the judgment statements. These include the name and address of the creditor, the date of the judgment as well as the amount awarded.
2. If feasible, satisfy the judgment with the understanding that it would be superior to negotiate it in the first place rather than having to pay for it at some point in time in the future. Another method of how to remove a judgment from your credit reports is to pay for the outstanding amount due to the holder of the judgment. This has to show creditors that you have accepted the blame for the debt and the court judgment there on. If you recently got richer than usual, it may be a good idea to use the money to settle a difficult judgment. As long as the creditor provides a written confirmation indicating that the debt has been cleared, then it is safe to assume that the particular is clear.
3. Negotiate with the creditor. But if you cannot settle the debt at the moment then it would still be prudent to talk to the creditor and ask if you can make some kind of arrangement to pay less than the amount of the judgement or to set up a payment schedule. They may possibly be willing to negotiate that they compromise to have the negative item deleted from your credit report in return for your cash or a promise of it. Never release any payment without putting the agreement reached during the negotiation in writing.
4. However, if you have been rejected in the past for credit, you have the power to dispute the judgment with the credit bureaus. Write the initial letters to each of the three credit bureaus about the judgment in formal letters asking them to investigation the matter for you. -What are your reasons for concluding that you think the statement is inaccurate, misleading, or unverifiable? According to the law, the credit bureaus are supposed to investigate the disputes raised within half a month. This might lead the original source of the entry to revisit the records and expunge the judgment if he/she cannot vouch for the accuracy of the judgment and its association with you.
5. Report the case to the relevant authorities if the investigations were not done to the best abilities. If the credit bureas have failed to removing the erroneous judgment after investigating the disputes filed by the consumer, then the next step is to file a complaint with the consumer financial protection bureau. This simply means the investigations did not follow the legal provision under the Fair Credit Reporting Act and that the credit bureaus did not make sure that reporting is both fair and accurate.
6. If the consumer needs help in the process of filing a complaint, then he should consult a consumer rights attorney. In cases where the credit report contains information that requires further clarification, it may be advisable to seek legal help when filing for legal action, or when entering into a negotiation process for the removal of inaccurate entries. Debt collection lawyers or consumer protection lawyers who mostly work on cases involving credit bureaus or debt collectors would be in a better position to advise you on how to handle your case. The fee for consultation would be worth it if you want your credit reports to be rectified.
This process must be done patiently and with doggedness if one needs to achieve the best results. Judgments stay for a long time on the credit reports – but the better credit scores are, the more money you will save when purchasing funds in the future for future credit needs. Thus, it is prudent to make a little effort to clear all the distorted opinions that negatively impact your credit scores.