To report, or not to report?

[majoun]

I recently satisfied a “Civil Judgment” in full. I just viewed a copy of my credit report, and it reports that I still owe several thousand dollars on this judgment. The credit statement also states that the estimated date that this item will be removed is in 2012. My questions are these: If I report to the credit agencies that I have satisfied the debt, will it change the estimated date of removal?

Arn

[lightsbrightshortfuse]

Yes and No....

The credit bureaus will change the status date (date of last activity) to the date it was paid (if your lucky) and it will restart the statute of limitations for credit reporting and will stay there for an additional 7 years. I heard that judgments stay for 15 years and can be renewed after 15.

In other words paying it off actually extends the length of time an item can legally stay on your credit reports (paid or not). Here are your taxdollars at work.

If you are trying to reduce the length of time you want this item reporting on your credit reports, try disputing the item with all 3 credit bureaus. If the credit bureaus cannot verify the item under the Fair Credit Reporting Act (FCRA) they must remove it. You can find dispute templates here (www.Financial-Advice-Forum.com by searching for "Dispute Letter". Just send off disputes and you will probably get it deleted. Problem solved.

[ElPasoPage2]

For those of you that are trying to build credit. I highly recommend you visit this webpage:

http://creditagenda.com/resources/credi ... credit.php