It has been observed over the years that lawsuits have likely to become the usual thing that allows the increase in the amount of judgments that has to be doled out to the people.
These come mostly on the part of the collection agencies. It is something that has potential to affect you and your life in the multiple and multidimensional ways.
For that particular purpose, it is imperative to effectively and thoroughly comprehend the end-results of the judgments that may turn out to be negative and miserable for you and your family.
We hope that the information and knowledge provided in this blog will enable you to avoid reaching to the point where you get the judgment at the very first place.
However, if you are the one who have already got the judgment, even then you have landed at the right place. It is the blog that aims to make to learn what comes next along with how it will likely to impact your credit.
What is the judgment?
Have you ever come across the court judgment? Even if no, we will help you know it in the best possible manner. The court judgment is something that results owing to the lawsuit filed against you on the part of the lender, creditor and the debt collecting agency.
It is the kind of judgment that is known to be the civil judgment instead of the criminal one. This is something which is easily and conveniently available for the public record and transparency.
Since it go public, that has to be listed in your credit report to get the future lenders, creditors, landlords and the employers to know about your past record and history.
It is something that has potential to dramatically decrease your credit score to the greater extent. As far as usual course is concerned, the judgment is something that makes it mandatory for you to pay damages.
The payment of damage is highly likely to be the end result of the unpaid debt, child support mechanism and the most importantly, alimony.
Judgments are likely to remain in your credit report for the next 7 years from the date of filing, irrespective of your ability to ensuring timely payments or not.
On the other hand, there is the enforceable period that has to last somewhere between the ten to twenty years that rely on the area and state you live your life in.
If you are the one who don’t get resolved the judgment by your own, the collector has the power to forcible implement the judgment anytime it wants but it has to be before the expiry date of the judgment.
To add, the state where you live may also enable the collector to restart the judgment in case you haven’t made the payment in the specific period of time of judgment.
It is quite impossible to get over with the judgment through ignoring it. So you have to favorably deal it as the circumstances called for it without wasting too much time.
The way of removing the judgment:
As the matter of the fact, as and when you have the judgment against you by any collector or lender, you can apply many ways to get over with the issue smoothly and effectively.
All you have to do is to satisfy the judgment that means that you have settled the problem and trouble in one way or the other. There can be other ways as well.
You can also vacate the judgment in the shape of erasing it entirely and permanently from your credit report once and for all.
Vacating the judgment:
The process of vacating the judgment seems to be the ideal attempt to remove the judgment from your credit report. You have the authority to file the motion in the shape of appeal to the court that judgment should be removed from the credit report.
One of the successful methods of vacating the judgment from your credit report is to provide the reasonable and logical reason and excuse behind the failure.
On the other hand, you can prove in the court the amount of debt owed is misleading and does not reflect the true picture, thus it should be removed as soon as possible.
The information on civil judgements from creditrepaircompanies.com suggests that once you get the judgment, all you have to do is to either get it satisfied or vacated.
This way, you would be able to live the tension-free life without having the worries about the collector that when he may execute the judgment. In the end, you would be able to get the much-needed peace of mind and good credit score.