Debt Consolidation Credit Counseling In Phoenix

If you have any credit judgments on your credit report, erasing them is a great way to recuperate your credit worthiness, as well as recuperate your credit score.

Your chances rise of a creditor taking you to court to get a credit judgment when you leave unsettled debts on your credit report for an extended time. A court order will call for you to make payment on credit judgments. Your owed debt becomes the "ultimate validation" that you owe the debt because a judge has found the debt to be legitimate because he has seen documentation for it.

If you are striving to get a mortgage while you have credit judgments against you; it creates a set back in achieving this goal when you have credit judgments.

There are various ways to delete credit judgments:

1. File a Motion to Vacate

Your credit judgment can be deleted from your credit report immediately if your vacate request is granted. If you choose to do this you will have to find out about the court procedures in your area.

2. Get the time period for the Statute of Limitations in your State for credit judgments.

In Texas, the statute of limitation on judgments is 10 years, but can be revamped within 2 years after expiration. Maximum interest rate on a judgment is 8.25% which is lower than the previous 10%.

Judgments will usually stay on your credit report for 7 years; however they can stay collectible for 20 years. Once the 20 year period is up, it is pretty easy to get an extension assuming the judgment is open and has not yet been collected.

You can dispute the credit judgment as being "obsolete" when your state's limits on the statute of limitations has been exceeded. Your credit judgments will be erased.

3. Mediate a Removal

You don't want to just pay off the credit judgment because it will still be reported on your credit report as a paid judgment. You have to try to talk to the original creditor and get them to agree to have this judgment totally removed from your credit report.

Best of luck.