This is a very negative mark to have on your report and will definitely adversely impact your score! Once it becomes default this means court proceedings have taken place against you!
This is How the Process Works
The lender or collection agency will file a civil law suit against your for the debt. You are supposed to be notified Cheap Chase Edmonds Jersey , however this doesn’t always happen and if you are not properly notified you may be able to have the decision reversed.
However when the case takes place, if you do not show up then a default judgment is awarded. You should be notified of this and you will often have 30 days from the court decision to make payments or settle the debt.
If you do not make arrangements then due to the court decision you may have a lien placed against your property, or even have your wages garnished. In other words the court will take money out of your paycheck before you even get receive it Cheap Mason Cole Jersey , in order to pay back this debt! It depends on what state you live as the exact laws vary from state to state.
How Long Will This Be On My Report?
This mark will remain for 7 – 10 years! Additionally the lender has up to 10 years to collect this debt. However it doesn’t mean you have to just live with this mark.
If the debt has been repaid then you can dispute the item with the credit bureaus. You will have to file a dispute with each of the major bureaus. Once they decide your dispute is valid it will be investigated. Unfortunately it is not in the bureaus financial interest to investigate a dispute and is instead adverse to their profits as they must pay the cost of man hours and spend resources to investigate.
However by law they must investigate. Typically you will get a letter in response to your dispute that you did not include the correct information. Sometimes this is accurate often it is nothing more than a stall tactic, used in hopes of frustrating you and getting you to give up and just live with the high cost of a low score!
Be persistent or you can hire a service or attorney to work on your behalf. Just use caution before hiring anyone because it should not cost you an arm and a leg and they should not guarantee results. Instead look for a refund or the results they have provided for other customers.
However you choose to proceed you can have this mark removed from your credit report! Until then you will unfortunately be defined by this default judgment and be seen as a very bad risk for future lenders.
For more about What Is a Judgement or about Removing Judgment From Credit Report visit us.
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