If a debt remains unsettled for too long you risk the creditor taking you to court to get a credit judgment. Credit judgments are a court order demanding payment on a contract or obligation. You can say it is the “ultimate validation” of a debt as a judge has usually reviewed documentation and ruled that the debt is in fact valid.

Having credit judgments on your credit record can lower your credit worthiness and scores significantly. One of the other major drawbacks of having credit judgments is it can be nearly impossible to get extensions of credit with unpaid credit judgments on your credit reports especially a mortgage for a home since a credit judgment can attach itself to your real property.

Removing credit judgments can be handled a few different ways:

Check out the Statute of Limitations for Your State:
Judgements will usually stay on your credit reports for 7 years; however they remain collectable for 20 years. Once the 20 year period is up however it is pretty easy to get an extension if the judgement is open and not collected on as of yet. Now, if the statute of limitations has been exceeded you can dispute the credit judgment as “obsolete” with the credit bureaus. There is a good chance this will remove credit judgments that are past the statute of limitations.

Negotiating for Removal:
Another way that works to remove credit judgments is to negotiate with the creditor that the judgment is open with. You may be able to get them to dismiss the credit judgment by paying it in full. This is much better than just paying it off as the credit judgment will just be updated as “paid” and it will still show on your credit reports.

Filing a Motion to Vacate:
I am not going to get into detail with this one. If this is the route you choose, you will need to do some research for court procedures in your area as they different greatly. However, understand that if the courts grants your vacate request the credit judgment should be removed from your credit report immediately.

A foreclosure can be reported on your credit report for 7 years and should be avoided at all costs. A foreclosure can be devastating to your credit scores. If you have a foreclosure on credit then repairing your credit should be one of the very first things you look into. A foreclosure can be deleted from your credit report just like any other negative account, but you must know what you are dealing with or you could actually make matters worse.

If you would like to remove a foreclosure from your credit report, you will first want to learn about your rights in the Fair Credit Reporting Act and all other laws having to do with foreclosures and credit reporting. The better you understand your rights, the easier it will be to have your foreclosure removed from your credit report.

Most people would claim that they don’t have the time or resources to commit to learning about the laws and their rights, but it’s very important to know your civil and consumer rights. If you don’t have the time you may want to seek legal help and/or consult with a credit repair company.

Credit repair professionals specialize in removing foreclosures and other negative items from your credit reports. They focus on correcting inaccurate and erroneous information on your credit report. If a negative item on your credit report is disputed and can not be verified by the creditor or contains any kind of inaccurate information it must be legally be corrected and/or removed from your report immediately.

Much like the bad luck of breaking a mirror, a foreclosure remains on your credit report for up to seven years. This should (obviously) be avoided no matter what! It can deal a terrible blow to even the best of credit scores. If you have a foreclosure despite your best efforts, credit repair should be one of the first steps you take. It is possible to remove a foreclosure from your report, much as you’d remove any other detrimental mark, but if you don’t do it properly, you could make the situation even worse.

First, learn all your rights under the Fair Credit Reporting Act and all other laws regarding foreclosures and credit reporting. This is a vital step in the process to remove a foreclosure from your report. The more you know about your rights and responsibilities, the easier it will be to have the foreclosure removed.

The loudest excuse, and the one heard most often, is: “I don’t have the time or resources! I can’t commit to learning the law, I’m not a lawyer!” The truth of the matter is that understanding your civil rights and responsibilities as a consumer is absolutely necessary. If you, like many, don’t have that time or those resources, you should seek out a lawyer or a credit repair professional in order to learn.

Those professionals are specialists in dealing with the black marks on credit reports, like foreclosures, bankruptcies and repossessions. Their focus is correcting the information on your report, ensuring that everything on it is accurate and error-free. The law requires a creditor to verify all negative items provided you dispute them; if that verification is not completed, the detrimental item must be corrected or removed from your report.

If you’d like to learn more about credit after foreclosure visit the credit repair authority site today!