Trying to clean up my credit report and there is judgement from 7 years ago. I've read that after the SOL date, they are considered discharged/written off? Is that true? I also have a bankruptcy on the report that is 8 years old. When are these things going to be removed from my credit report. I thought after the SOL period, they just came off? Can anyone help me to understand this better!!!???
Insurance Law Lawyer
The seven year deadline that you are referring to is only for charged off items. Judgments and bankruptcies remain on the credit report for ten years. Addiitonally, an unpaid judgment can be renewed for an additional ten years.
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Corporate / Incorporation Lawyer
A judgment remains on your credit report for seven years or until its expiration, whichever is later. However as a practical matter most judgments drop off in 7 years.
Bankruptcies stay on for 10 years if they're Chapter 7, and five years if they're Chapter 13.
Some consumers have had luck disputing off bankruptcies that were indeed theirs. These are unusual, but not unheard of circumstances. You may want to try.
A Georgia judgment is subject to revival for 3 years following its 7 year expiry, however disputing a judgment on your credit report does not cause the CRA to contact the creditor. Disputing the creditor's tradeline (if one is still on there) *will* wake up the creditor (who might then revive the judgment--that wouldn't be a good idea). The creditor's TL is likely to drop off on its own shortly, if it hasn't already. Although 7 years is oft-quoted, it's really 7.5 years from the date of last activity.
Send disputes to the various credit reporting agencies indicating the debts are older than 7 years and should fall off your credit report. They have dispute forms you can fill out at www.experian.com, www.transunion.com and www.equifax.com. As for the bankruptcy that will remain on your credit for up to 10 years depending on which chapter you filed.
Mr. Larkin is licensed to practice law in CA and is located in San Diego. His response here does not constitute legal advice and does not create an attorney/ client relationship. The response is in the form of legal education and is intended to provide general information about the matter in question. Many times the questioner may leave out details which would make the reply unsuitable. Mr. Larkin strongly advises the questioner to confer with an attorney in their own state to acquire more information about the specifics of their case.