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NEED SOME STRONG ADVICE ABOUT JUDGEMENT PAYOFF.

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Derrick1956

Derrick1956

Joined: 01 May 2010
Derrick1956's page
Posts: 16



441 Magic Points

Subject: NEED SOME STRONG ADVICE ABOUT JUDGEMENT PAYOFF.
 
Posted on Thu Jun 17, 2010 4:00 pm  

OK, I have two judgments that I am in a position to payoff today. One is with a Credit Union and the other is with AT&T. Both of them have been turned over to two different law firms. They both are about $600 dollars each. Should I just call the law firm and pay them over the phone to get it over with or what are the steps that I should take. They are the two major things on my credit report. Also how will this improve my credit score. Please advise as to what steps I should take....
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The most important thing for a young man is to establish credit - a reputation and character.
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Aaron

Aaron

Joined: 08 Feb 2010
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Posts: 2632



48565 Magic Points

Subject: judgment payoff
 
Posted on Fri Jun 18, 2010 7:51 am  

Hi Derrick,

First of all can I know how many years have passed since the judgments have been entered on your credit report? The judgments will stay on your credit report for 7 years even if you pay off the judgment amount.

As for the payments, it is not safe to arrange the payments over the phone. First talk to the law firms, and get written payment agreements. Request them to update your account as "Paid judgment". Pay them through certified mail, requesting a return receipt (CMRRR). If you send your payments through CMRRR, you will be able to retain proof of your payments.

Thanks,

Aaron
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Derrick1956

Derrick1956

Joined: 01 May 2010
Derrick1956's page
Posts: 16



441 Magic Points

 
Posted on Fri Jun 18, 2010 9:36 am  

Thanks Aaron.


It was entered on my credit report in 2007 and I have gotten a copy of bought of the from the courts. So should I call them? Is there a way to have it removed after payment? What will help my credit score with the two? I need all the answers you can give me. Thanks!
_________________
The most important thing for a young man is to establish credit - a reputation and character.
John D. Rockefeller
Aaron

Aaron

Joined: 08 Feb 2010
Aaron's page
Posts: 2632



48565 Magic Points

Subject: reply
 
Posted on Fri Jun 18, 2010 11:41 am  

Hi Derrick,

I am afraid judgment cannot be removed before the 7 years, even if paid. One thing you can do is try disputing it. Sometimes this works out. Paying off judgments doesn't help your credit score much.

Thanks,

Aaron
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