A credit card judgment is entered upon by a court. This means that a lender has sued your for payment of a debt.
This is a last resort for lenders, and will cause a great amount of damage to your credit rating.
This mark can appear on your credit history for up to 10 years. It will likely prevent you from being approved for any future credit.
A judgment can cause the interest rate on your credit card to increase. This is one of the most severe marks to have on your credit report.
You can have this mark removed from your credit. The most effective way is to dispute the accuracy or validity of the mark.
This is done through mailing a dispute letter to each credit bureau challenging the accuracy or validity of the listing. You can also hire a professional credit service to do this for you.
The benefits of a professional are that they can often get a credit bureau to conduct an investigation faster than an individual. This is because individuals are often given the run around.
The credit bureaus are not likely to respond to the first dispute letter no matter who it comes from. This is because it costs the credit bureaus money to investigate dispute claims.
Often a bureau response to a dispute letter is a letter requesting more information about the disputed listing. Credit bureaus will do this regardless of their need to get more information. It is simply a stall tactic.
However once an investigation is performed a listing is often removed regardless of its accuracy. This is because it costs the lenders too much money to verify uncollectable debts.
Once you have a valid dispute honored and the investigation is performed you probably will have the negative mark removed.
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