I want to buy a house. My credit is not bad. The aturny gen. has a jugement agenst me. It is 4 years old. It was payed off 3 years ago. I have writen letters to the credit *** holes but they will not remove it. even though i have payed it off. No lender will help me. What do i do.
2006-06-16 14:34:51 · 12 answers · asked by Anonymous in Business & Finance ➔ Credit
If you have clear evidence that you paid, contact a lawyer and have him start/threaten civil legal action against the credit agency. It might wake them up fast.
2006-06-16 14:40:18 · answer #1 · answered by ½«gumwrapper 5 · 2⤊ 0⤋
I understand your frustration, but sometimes the way the system is set up, we have to live with our mistakes for a long time, even if we have settled or paid for them. And sometimes creditors hold grudges.
By law lawsuits and judgements can be reported for seven years from the date that they were filed (by the court) or the governing statute of limitations - whichever is longer. The governing statute of limitations is the time under state or federal law that the courts allow for collecting judgements. Once the judgement is paid or suit is settled, however, the seven-year limitation for paid lawsuits or judgements takes effect. So basically by law, paid lawsuits and judgements can be reported for seven years from the date that they were filed by the court, not the date you paid them.
As far as your new home purchase, don't just call it quits when a lender says no to your application for a loan. Many lenders allow for a letter of explanation regarding past credit history mistakes. If you gather all your paperwork and letters showing that the judgement has been paid, this could work in your favor when the lender makes a decision. The only thing is, you may have a higher interest on the loan than someone who has perfect credit. So perhaps you may want to wait a little longer before investing in a home. Either way, I hope that you find a solution to your dillemma. Good luck!
2006-06-17 09:42:08 · answer #2 · answered by hivoltgfly 3 · 0⤊ 0⤋
Even if you pay off a loan that got put on your credit record, it remains a part of your record for at least 7 years, if it is not bankruptcy...
I think the 7 years is pretty much across the board in these types of issues...
It cannot be removed until after the 7 years is up...
2006-06-16 23:26:16 · answer #3 · answered by aspenkdp2003 7 · 0⤊ 0⤋
Start by getting a secured visa so you can build your credit back. A secured visa is where you put down the money for the visa and still make payments, the bank usually invests the money for you in a GIC so you earn some interest on it as well. Most financial banks offer them, I know for sure TD Canada Trust does, as long as you use it and make your payments on time, your credit rating will go up. As for the judgement bad credit unfortunately sticks around on the credit for about 7-10 yrs in most cases.
2006-06-16 22:03:09 · answer #4 · answered by Anonymous · 0⤊ 0⤋
They do not have to remove it. They do have to mark it as paid if that is indeed the truth.
Sometimes one debt appears several times on your record - the original creditor, and any credit bureaus who have bought the debt (and sometimes it goes from one to another, to another). It can be really hard to condense it to one entry and get it marked paid.
The credit bureaus DO have to be accurate. Write them a letter saying that this debt IS paid. Send COPIES of your documents proving it was paid off. (never send the originals).
Talk to the original creditor. That's the easiest way to get it either off or at least marked paid. You may have to prove it to them if their records are incomplete.
I hope you have the proof it was paid or you may be screwed.
The mortgage companies won't give you a loan if the debt is still owed, but most will finance you if you can prove you no longer owe it.
Provide the evidence to them too, but ultimately the creditor has to mark it paid.
2006-06-17 10:39:26 · answer #5 · answered by Lori A 6 · 0⤊ 0⤋
try www.naca.com
they are a non-profit housing advocacy group and they do their own lending. They work with you to get your credit back up to speed and they offer fixed rate loans at low rates. They aren't a typical lender, they got their money from taking on Fleet Bank a few years ago. They sued Fleet for predatory lending practices and they won that lawsuit. Now they use that money to help people get into their first homes.
2006-06-16 21:38:53 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Contact the credit agency and politely ask them about the issue. Remeber, it's now what you say, it's how you say it. A little kindess can go a long way. Oh, and don't forget the golden rule: Treat others how you would like to be treated.
2006-06-16 21:38:43 · answer #7 · answered by beatlesluvr80 2 · 0⤊ 0⤋
Sometimes you can show the lender the evidence that you paid the judgment and qualify for credit.
2006-06-16 21:52:18 · answer #8 · answered by Make Waves 1 · 0⤊ 0⤋
One key is to be PERFECT with your credit after the judgment. By itself, it may not prevent you from getting credit but, added to other late payments, it will. There are numerous credit counseling services and mortgage brokers who will help you clean up your credit. Start there.
2006-06-16 21:44:42 · answer #9 · answered by Anonymous · 0⤊ 0⤋
You might want to check in your state.
Judgements can take 7 to 10 years to come off your credit
report.
Yes, it sucks. But check it out to be sure in your state.
2006-06-16 21:39:48 · answer #10 · answered by Anonymous · 0⤊ 0⤋