How can a judgment be remove from your credit?

Question

This judgmemt is ahuge amount on the credit report.
what would be the steps to start this process.!
or would bankruptcy be the best thing.

Answer 1

You can pay the judgment off in full or a settlement in full and the creditor should release the lien and satisfy the judgment and then you would get a copy of that and send it to the credit bureau. If paying it is not an option that it won't make your credit score any worse than filing bankruptcy will.

Answer 2

In a phrase "You Can't." It is valid for it to be on your credit report for at least 7 years (like most debt). It can then be renewed for as long as it goes unpaid. If you file bankruptcy, the judgement will still show for its 7 years--plus you'll have a bankruptcy on your report for 10 years.

You'll need to set up a payment plan to start paying off the judgement. With a judgement, they can request that your wages be garnished, your bank account frozen and drained, and/or that your assets be seized and sold to satisfy the judgement. If you own your home, a judgement entered against your property must be paid whenever the mortgage is refinanced, the home is sold, or the names on the deed/title change.

Answer 3

It would be better if you could start by making payment arrangements of some kind.

Judgments stay on your credit report for 7 yrs. from the date of entry. It does not start after it's paid in full or last activity. However, if you do not pay the judgment it can be renewed, and you'll still be liable. Plus you could be looking at garnishnment of wages.
Bankruptcy will eliminate the judgment, regardless of the fact the judgment was already awarded.

Answer 4

Contact the person or collection agency in which the jusgement is with. begin to make payments. In 6 months, ask the credit bureau to place a consumer statement of your report: Make sure it states that you are paying the debt and have made these arrangements directly with the creditor. Bankruptcy will NOT erase or satisfy the judgement bbecasue it was granted prior to the bankruptcy.

Answer 5

You cannot remove a judgment from your credit report. If the judgment remains outstanding, it will remain there until seven years AFTER you have settled the judgment. A bankruptcy filing will make the judgment on your credit report look like a daisy flower.

Make arrangements to settle the judgment and pay it off as quickly as you can. Once you are done paying, wait seven years for it to remove itself due to age.