A judgment against the debtor remains as a lien on real estate for a period of ten (years), renewable for a further ten (years). However, the period of seven years and six months is not absolute. Since credit bureaus sometimes grant such requests for removal, it may be worth trying. When this deadline has passed, you should contact the credit bureaus and make sure they overturn the verdict.
Do judgments disappear?
The Fair Credit Reporting Act (FCRA) states that a judgment remains on your credit report for at least seven years. In some cases, deleting an annulled judgment is as simple as challenging the article with the credit reporting agency and providing a copy of the “order to set aside the judgment” with a letter (look for a sample letter to remove the judgment from the credit report). This process may be used if you have good reason to believe that you were sued in error, were exempt from tax due to retirement or an SSI, or were improperly served.
How long does it take for a verdict to be removed from the credit report?
If the creditor is unable to make you pay through telephone calls and letters, he can file a lawsuit. Credit agencies will remove the verdict from your credit report if you can prove that you actually paid your debts on time. With any luck, it will be fixed quickly, and then you can ask the credit office to spread the news about the change. On the other hand, according to all three credit agencies, a paid tax lien should be removed from your credit file within seven years of the payment date.
References:
- How long does a creditor have to collect on a judgment against me? | Nolo
- How Long Does a Judgment Last? | SoloSuit Blog
Barry Ritholtz is a renowned finance expert, author and blogger. With over 30 years of experience in the financial industry he has gained a reputation as a thought leader and influencer in the investment community.