How to remove a judgement from credit report?
Thu Jul 2, 2009 11:07PM
It is very hard if not impossible but often likely. Did I just contradict myself in one short sentence? Not really, read on. The only way to remove a judgement from a credit report, you need to first and foremost get it vacated or dismissed. For this you need to file a motion in court. If you do decide to file a motion to dismiss a judgment against you, better have a good reason, or at least believe that you have one. Take it how ever you want.
There are basically two scenarios under which you can get a judgment dismissed and consequently remove it from your credit report. First opening is, if whoever filed and won such judgment against you, didn't exactly follow the law. Could be the judge who didn't know about some improper procedure. Happens all the time. Many judges, especially on the level that deals with collection agencies, small claims or injury lawsuits are, to put it mildly, not the brightest stars of the legal profession. They are mostly former lawyers who couldn't cut it in private practice, and often are not quite familiar with consumer law.
Prefect credit score and rating
Tue Jun 30, 2009 11:06PM
Perfect credit score based on the FICO credit scoring system, is in 840 to 850 range. How really perfect your score and credit rating should be to get the best deal in town these days? Anything over 760 middle credit score I would consider just perfect. Personally, the two highest scores I have seen were in 810 to 820 neighborhood and few things stood out - both credit reports had very established lines over 4 years old each, including mortgage and installment loans as well as two or three credit cards. The interesting thing was that credit cards showed only around 10 to 15 percent usage rate, meaning that those consumers as an example carried only $50 monthly on a credit card with $500 credit limit. Were those factors that brought credit scores near perfection?
TransUnion codes
Mon Jun 29, 2009 12:06PM
Q: I have a question on TransUnion codes. Got my credit report and can't quite figure out what 09P means? Also I have R03 codes in two places. My TransUnion credit score is only 574.
A: TransUnion code 09P most probably stands for bad credit charge off. Is that on the far right under under MOP column and under Collections section? 09 code is for a charge off and 'P' is likely just a date indicator.
TransUnion R03 codes indicate your revolving accounts which are more than 60 but less than 90 days past the due payment dates. Basically it sounds like you have two bad credit card accounts which are over 60 days late. No wonder your credit score is low.
TransUnion will help debt collectors against you
Tue Jun 23, 2009 02:06PM
I bet many of you are going to get a kick out of it. The Fair Debt Collection Practices Act or FDCPA was created in 1978 as a part of the Consumer Credit Protection Act, specifying strict guidelines under which debt collectors may conduct business, defining consumer rights and providing consumers with an avenue for disputing and obtaining debt validation information in order to ensure its accuracy. The FDCPA also prescribes penalties and remedies for violations of the Act. Basically it gives you some ammunition against collection agencies, prohibiting them from using abusive and deceptive collection practises among other things.
Paid collection on credit report affects credit scores
Tue Jun 23, 2009 12:06PM
Q: A judgment was filed last February and I just paid it in full yesterday. Does a paid judgment affect credit scores? Can I remove a paid judgement from my credit report? I would like to buy a house in a few months.
A: Of course, paid judgment stays on your credit report for at least 7 years and affects your credit scores very negatively. You may still try buying your house if your middle score is at least 620. You can even get an FHA loan, but unless you had quite an establish credit history prior this judgment, I doubt you scores are above 620 now. But check them as soon as you can. Get the same mortgage broker whom you may later use for home purchase to run your credit report. Can you remove a paid judgement from credit reports? Theoretically, you can try get this judgment vacated. You would have to file Motion to Vacate Judgement. Procedures also vary depending on state. See here.
Credit report, foreclosure, bankruptcy
Wed Jun 17, 2009 10:06PM
Q: It has been 7 years now on my bankruptcy and foreclosure. How do I go about getting it removed from my credit report? It is 7 years this year.
A: Foreclosure stays 7 years from the date of foreclosure, so it should get removed soon. Which bankruptcy did you file? Chapter 7 stays for 10 years from filing date or bankruptcy decree date, while Chapter 13 stays for 7 years from the date when it is paid in full, but 10 years if not paid as agreed. Check Bad Credit Time Limits.
How to speak to a live person at Equifax?
Tue Jun 16, 2009 03:06PM
Somehow Equifax has become quite popular among our readers. Seems like it is now the preferred choice of many lenders who want to get a preliminary idea on credit worthiness of potential borrower. The most common question is how to speak to a live person at Equifax? You have to purchase your Equifax credit file online or by mail. It will come with a toll-free number listed at the bottom and a 10-digit confirmation number located at the top of your credit report. You must have your confirmation number to speak with a customer service representative by phone. Previously,
It is impossible to speak to a human at Equifax.
Credit score of 663, 3 late payments 6 years ago, credit counseling place
Sat Jun 13, 2009 01:06PM
Q: I just had a quick question. I went through a divorce from June 2005 to December 2006 that quite messy. I refinanced the house into my name back in July 2007, but had to get a home equity loan in order to get some much needed things done to the house. When the rates came down again in October 2007, I refinanced the house, consolidating the loans. I have never been late except on 3 of my credit cards back in 2003 when we had some large spending to do, and I wanted to lower the payments, so I used a credit counseling place. I couldn’t pay that credit counseling payments and the credit card payments, so I ended up having few "lates" on my credit report. But that was back in 2003. EVERYTHING I have is paid off, except for my mortgage and I have a VISA that has a credit limit of $3,900, however, I have not run up the balance over $300 in over 2 years, and it gets paid down and on time immediately. Back when they did the second refinance to consolidate, I almost had to get PMI because only one of my credit scores was just barely under 690, but the other 2 were over 690. I don’t remember what they were, but after speaking with someone at the bank, this matter was taken care of and I didn’t have to get PMI because the one was just barely under 690 and the average was well over 690. I have not had a lot of inquiries done in the past 2 years, except for car insurance, which I was told doesn’t affect the credit score, and I’ve never been late on ANY of my payments. My truck loan was paid off early in June 2008. How could my score have gone DOWN?
Can you please explain this, because I know I’ll never get a live person at Equifax. I just recently requested a free copy of my credit report and there was nothing derogatory,except for those old collections in 2003, that were not resolved in my divorce and will be coming off sometime in 2010 per the remarks, and they don’t total more than $1,900. How can a credit score go down that much without inquiries and no debt?
A: I think the problem is you have more bad accounts - 3 credit card collections if I understood correctly, than active/open good accounts - your mortgage and Visa. Basically you have not enough good debt. Yes those bad accounts are old, but all 3 show still late payments - and I bet your credit counseling company also is showing late payments, so your credit report has 4 derogatory accounts.
Try to get a credit card, check Capital One, they may have some cards for not-so-good credit scores with no annual fees. If you get one, use it a bit, that should improve your credit score. You can also try your local bank to see if it is wiling to give a credit card. If you don't need credit now, just wait till 2010 and then see. Your credit score will go up. I also don't understand PMI problem. That has nothing to do with credit scores, especially if they are good, like yours were when you applied. PMI is only given when mortgage exceeds 80% of home value.
Debt relief options and solutions from BCA
Wed Jun 10, 2009 03:06PM
By popular demand, here is the number of posts and pages related to debt and debt only, with short descriptions. Some offer advise and solutions to be used at your own risk, other are sample debt letters, yet other are debt related stories.
Paying off debt fast - how to pay off credit card debt quickly - pay off your debt in large chunks, not gradually. This option works especially well for those debtors who has or about to get second income which can be used towards debt relief.
Debt elimination plan, strategies and experts - do they know what are they talking about? Nope, they don't. Debt relief solutions propagated in mass media that can do more harm.
Pay off mortgage early - should I be paying off mortgage sooner - the answer is no, you shouldn't. Why put money in something that has been and like continue to loose value?
Medical collections, unpaid medical bills, HIPAA laws gives you few options on how to use Health Insurance Portability and Accountability Act to get rid off those pesky debt collectors.
Writ of garnishment explanation - does explain what that is.
Mortgage rates are going up. How high?
Mon Jun 8, 2009 04:06PM
How high mortgage rates are going to go in 2009 isn't as important as the mere fact that they are going up. Even .50% increase will threaten not only the housing market but the overall economic recovery and the still ongoing stock rally. As we pointed out many times, the interest rates move together with bond yields. Mortgage rates are tied to the 10 year Treasury Bond, which yield as you can clearly see here, has climbed from 3.1% to 3.9% in less than a month, subsequently pushing rates by .375% to .625%, depending on the mortgage program . Why is that happening? The government tries to sell billions of dollars in debt to finance the economic recovery and financial rescue. But apparently, there are not enough buyer demand to meet the supply, resulting in the sell off and lower Treasury prices pushing yields up. Three more treasury actions are coming this week, with total of $65,000,000,000 worth of notes -
Tuesday, June 9 at 1:30 pm, ET
3-year Treasury Note Auction
$35 billion of notes will be auctioned
Wednesday, June 10, 1:30 pm, ET
10-year Treasury Note Auction
$19 billion of notes will be auctioned
Thursday, June 11, 1:30 pm, ET
30-year Treasury Bond Auction
$11 billion of bonds will be auctioned.
We can only hope that demand will be strong and the interest rates will be pushed lower.
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Recent Entries
- How to remove a judgement from credit report?
- Prefect credit score and rating
- TransUnion codes
- TransUnion will help debt collectors against you
- Paid collection on credit report affects credit scores
- Credit report, foreclosure, bankruptcy
- How to speak to a live person at Equifax?
- Credit score of 663, 3 late payments 6 years ago, credit counseling place
- Debt relief options and solutions from BCA
- Mortgage rates are going up. How high?
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