Can A Judgment Be Removed?
A judgment is one of the most damaging accounts that can be placed on your credit
reports.
A single judgment can lower a credit score up to 120 points, and if there are
multiple judgments, it can drop your score to the very...
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Can A Judgment Be Removed?
A judgment is one of the most damaging accounts that can be placed on your credit
reports.
A single judgment can lower a credit score up to 120 points, and if there are
multiple judgments, it can drop your score to the very bottom of the barrel.
What
exactly a judgment? We will give you a simple example to describe how something as
simple as missed credit card payments can turn into a messy judgment.
Let’s
pretend that you had a credit card with American Express and began to fall behind
in payments.
A few months of missing payments would result in the card being
closed and internal collections would begin directly from American Express.
If you
failed to pay the account they could turn the account over to a law office and hire
them to collect the amount owed.
This will add in attorney fees and also late fees
and interest penalties.
The law office can then file a lawsuit for the money owed and
have the court issue a judgment in their favor, which would t
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