Creditors and Bankruptcy/Fair Credit reporting

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Expert: Regan Shinski - 5/25/2010


Question
A loan to a person went bad in Dec 2001 and they got a judgement in 2004.  It is still showing on my Credit report and Equifax said they can show it will May 2011.  I thought they had to show 7yrs out from the loan debt and not any Collection process?  How can I get them to take this off, I have tried several times to get it removed

Answer
A judgement will stay on seven years from entry, in some cases and states it can stay on longer but only in unique circumstances.

The power of the judgement can stay in force much, much longer, even indefinitely in some states so you are still at risk to be collected upon.

Getting a judgement removed from credit reports is difficult at best.  You can try disputes but the only true effort is to fight the judgement itself.  This involves filing motions to vacate or retrial the case.  The negative is that if you lose the court costs and attorney fees will likely be added to your balance.  The positive is if they don't show up or you win, the judgement can be vacated.  Once it's vacated, it can be removed from the credit files.

The process to do so varies by court and jurisdiction.  Legal advice is strongly recommended if you go this route.

Good luck, I wish I had better news for you but a judgement is a really tough thing to deal with and should be avoided at all costs in the future.

Regan

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Regan Shinski

Expertise

I can answer questions on collections, repossessions, bankruptcy, credit repair, credit counseling, FICO scores, credit planning, and the cause and effect of credit related decisions. I can also answer questions on collection settlements and preparing to sue your creditors for false debts and credit reporting.

Experience

Fifteen years ago I was financially devasted due to severe health issues. I filed bankruptcy, had a foreclosure, car repossession, tax lien, and ruined credit. I immersed myself in credit law. I settled dozens of accounts and had them removed to improve my credit. I personally sued four creditors and collection agencies and won cash settlements for their false reporting on my credit reports. Since then, I have completely recovered and have nearly $100,000 in revolving credit lines and perfect credit. I have owned a credit repair company for the past five years and have an additional three years of specific work in the collections and debt management industry. I am fully versed in the Fair Debt Collection Practices Acts (FDCPA), Fair Credit Reporting Act (FCRA), and have used them successfully in collection settlements and lawsuits for myself and others. I am also familiar with and abide by the Credit Repair Organizations Act (CROA). I have deleted or helped delete literally hundreds and hundreds of derogatory items from consumers' credit reports and helped negotiate many settlements with collection agencies and creditors. I have also advised people on bankruptcy at any stage. In the current credit market, I have successfully advised numerous people on how to obtain credit and how to negotiate for better terms.

Education/Credentials
BA - University of Minnesota

Past/Present Clients
(private)

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