09-30-2012 06:06 PM - edited 09-30-2012 06:09 PM
Due to some mishaps I suffered in the financial collapse, and other life events, my credit score is cratered. Unfortunately, one of the sources of damage is a judgment of approximately $2,000. Since judgments last ten years here in California, it will be at least 2020 before my credit score will increase significantly. (The rest of the damage was in the 2006 to 2009 timeframe.)
Since even paying off the debts (which I can't afford to do now) won't help my score, what I want to do is treat my credit score/report like a harmful radioisotope: seal it up and lock it away until it goes through a couple "half-lives" and can be "safely handled" again (probably the early 2020s). I am establishing an offshore financial presence and other means to continue to operate and obtain what I need by means other than credit scores.
I want to make it so no one can add to, access, or change anything on my credit report. I've read about putting fraud reports on, but I'm not sure if this effectively locks away my credit reports from access and soft pulls. Does anyone have any idea how I can effectively seal and lock away my credit reports for the next 8 years or so?
09-30-2012 06:47 PM
The most I know you can do is put a security freeze on your report. But it won't do what you want to do.
09-30-2012 07:03 PM
I think the 10-yr SOL for Cali is the time frame a creditor has to renew the judgment for collection. It'll still drop in the 7 yrs as set by the FCRA. If ever ready to pay it, some in here had success in getting judgments removed via having it vacated.
Ditto. No such beast exists other than drawing a line in the sane and keeping clean for the next 7.
09-30-2012 11:38 PM
That's kind of what I was afraid of. Well, no biggie. It'll complicate things, but not terribly. The businesses overseas I invested in should be making enough money in a couple of years I'll just buy a house and car for cash (not under my name, of course, until the judgment expires in 2021) and not worry about my US credit score anyway. I was just hoping for a way to seal off the darn thing whilst it fisses its degenerate little pieces and slowly decays. But I've got decent cash flow and I'm invested in places that have plenty of oil and have never even heard of FICO, so I'm grateful for that.
Thanks for the feedback. If anyone else has an angle on this I'd be happy to hear it, too.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions based on Experian or Equifax data (additional FICO® Score versions based on TransUnion data are not currently available on myFICO.com). Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.