The judgment has caused your credit score to free-fall. In point of fact, a judgment can stay on your credit report for 10-12 years. At the end of this period, if the judgment remains unpaid, it can often be renewed. Your credit history can even report a paid judgment for seven years!

So, you’re wondering how to go about removing the judgment. The first thing you need to know is that it is illegal for a credit reporting bureau to remove an accurate entry. The only types of entries which may be legally erased from a credit report are those which are false in nature or those which are disputed but which are not verified by the creditor within the mandated time period. The Fair Credit Reporting Act (FCRA) was enacted in order to allow consumers to dispute items which are negative in nature. Judgments and public records are included in the FCRA.

You will need to draft and submit a dispute letter to the appropriate credit reporting bureaus if you decide you would like to dispute a judgment which appears on your credit report. There are three major credit reporting bureaus. These three bureaus are TransUnion, Equifax, and Experian. To whom the credit reporting bureau will forward the dispute will depend upon what kind of debt is involved. For instance, a dispute for a car loan judgment could be forwarded to a loan company, bank, car dealership, etc.

However, with a judgment or public record, the credit reporting agency will forward the dispute to the governmental agency which maintains the record, normally located in the county courthouse of your resident county. Recording and verifying judgments is performed by county employees, not high-tech automated software programs. As it takes longer for a human to search legal records and verify a judgment or public record than clicking a computer key a few times, it is often the case that a judgment or public record request for verification is unable to be completed within the 30-day time limit. If this is the case, the credit reporting agency is legally required to remove the judgment entry from your credit history.

It is possible for you to move forward with credit repair on your own. However, if you do not have the time or if you just don’t enjoy wrangling with credit reporting agencies, you might consider speaking to a consumer rights attorney. The typical consumer rights attorney has tackled hundreds, and maybe even thousands, of similar cases.

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Though you may feel like this is the end of the world, rest assured that it isn’t! Things will get better. I can’t help you get your vehicle or any other item back once it’s been repossessed; however, I can help you understand how to begin rebuilding your credit. To start, you will need copies of your credit reports. You can obtain these from the three major credit reporting agencies – TransUnion, Equifax, and Experian. Upon your request, these three major credit reporting agencies are legally required to provide you with a copy of your credit report every twelve months.

When you have received all three of your credit reports, you should schedule some time to sit down with all three to review them. Repossession entries will include an itemized list of all fees related to the repossession, such as storage and towing. Gather all of the receipts you have which relate to the repossession and compare them to the amounts listed on your credit report. If any of these amounts are incorrectly reported on your credit report, you should dispute the items with the credit reporting agencies.

If you find erroneous entries on any of your credit reports, it would behoove you to write a dispute letter to the relevant credit reporting agencies. Your dispute letter should outline the reason for your letter and should request the removal of the repossession entry. Be sure to include the relevant credit report with your letter and highlight the erroneous information. Be sure to also inlcude copies of the substantiating documentation, such as receipts. Keep copies of all correspondence and enclosures.

Once the credit reporting agency has received your dispute letter, it has 30 days to contact and verify the repossession with your creditor. If the creditor cannot or does not verify the repossession amounts within the alloted time frame, the credit reporting agency is legally required to remove the entry from your credit report. You should receive a letter from the credit reporting agencies which indicates what action was or was not taken with regard to your account and why. If you are unsuccessful in removing the repossession entry, it will continue to be listed on your credit report for seven years.

In the event you are unable to remove your repossession entry using a dispute letter, you might be able to have the entry deleted or its status improved by negotiating directly with your creditor. A promise of partial payment or payment in full might persuade your creditor to delete the repossession entry. You should insist on a written agreement if you and your creditor are able to come to terms. Additionally, make sure that you obtain your creditor’s signature on the document and that you sign as well.

Although repossession can be devastating, it is something you can recover from. Times are tough and you are not alone in this plight. Just remember that there are better days ahead!

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There are many significant ways in which these negative entries can affect you. These negative entries will make it harder to be approved for any credit products, such as home loans and credit cards. You can be assured that the financial products for which you are approved will include a high annual percentage rate (APR) and associated monthly and annual fees and charges.

If this is the dilemma in which you find yourself, don’t despair! There are a multitude of online companies which, for a fee, will work to rebuild your credit. However, if you don’t want to pay the fee associated with these companies, you can venture into credit repair yourself.

You must first obtain a copy of your credit report, which may be done by contacting the three major credit reporting agencies – Equifax, Experian, and TransUnion – and requesting a copy of your credit report. These three credit reporting bureaus are legally bound to provide one free copy of your credit report every twelve months. You can call (877) 322-8228 to obtain your free copy of your credit report. Alternately, you can request a copy of your credit report from the many online companies which offer this service.

Sit down and review your credit report once it arrives. All information should be carefully reviewed to confirm that all portions of the credit history are accurate. Do not skip over personal and employment information. Check everything!

A dispute letter should be written to the credit reporting agency if you find any false or inaccurate information. Your dispute letter should explain the reason you are writing and you should include any supporting documentation you may have. Retain copies of all correspondence and documentation to and from the credit reporting agency.

After receiving your dispute letter, the credit reporting agency has 30 days to verify your claim. The credit reporting agency must remove the entry if it cannot verify the claim within this time period. You should receive a letter from the credit reporting agency outlining the actions taken related to your credit report. If the credit reporting agency does not revise a negative or false entry, you should write a letter to the credit reporting agency requesting an explanation of how they came to this decision. When this is done, it is referred to as requesting a “method of verification.”

It is beneficial to follow this process in order to improve your credit, even though it may be time-consuming. By doing this, you will improve your credit score and improving your credit score will, in turn, lead to better opportunities for more desirable financial products.

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