What should I ask the creditors to report on my credit report when judgements are paid off?
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dgoldenboy67 wants to know:
I filed for Chapter 13 in November of 06. I just sold my house and i will have a little equity left over.I have several creditors that i owe a balance to (Judgements)that will be paid off next month when I go to settlement . I was wondering if I should contact these creditors now and negotiate a deal with them before they are paid with the equity. What should I ask the creditors to report on my credit report that would help me with my credit score? And if I settle a lower figure what happens to the difference?
Help
I filed for Chapter 13 in November of 06. I just sold my house and i will have a little equity left over.I have several creditors that i owe a balance to (Judgements)that will be paid off next month when I go to settlement . I was wondering if I should contact these creditors now and negotiate a deal with them before they are paid with the equity. What should I ask the creditors to report on my credit report that would help me with my credit score? And if I settle a lower figure what happens to the difference?
Help
Tagged with: Credit Report • Credit Score • Judgements
Filed under: True Credit
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You should make an agreement in writing (fax) that they will remove the item from your credit report upon settlement.
However the Credit Bureuas is where you should dispute after settlement…
Also remember you need to file judgment releases with the court or the public record will still remain as active.
I work with credit every day. They will report it as paid in full. But it will remain on your credit for the specified number of years for your state.
I have always been told that it is illegal for them to pull something off unless it was reported through error, but I can’t say that I’ve ever read anything offical on that.
It can’t hurt to ask.
Good Luck