Rebuilding Your Credit

[HomerSimpson]

I have a settlment from Mann Bracken. This is a judgment settlment they told me if i paid the settlment they will report "pay as satisfied" what this mean? is this will deleted from my public records? the settlment is over 10k

Thanks

[Donks3369]

Homer,

If you accept this offer it will still continue to be on your credit report from 7 years since the filing date.  It will update it as Paid, but this will only help you under manual review.  This shouldn't do much to your FICO score since FICO views unpaid and paid public records the same. 

In regards to getting it off your credit report, you would need to get the judgment vacated.  You can try to negotiate with the attorney to get them to remove this for payment.  Most won't but it wouldn't hurt to try. 

I hope things work out for you.

[niecey89]

I paid off a judgment last year. Once i received that satisfied papers from the courts. I in turn sent it to the CBs. 2 show it as "paid/satisfied" and the other removed the judgment from my report. Try to see if you can get it vacated but you never know.

[HomerSimpson]

Thanks for fast reply...so what term should i ask them to use in the settlement letter???...all he told me is "pay as satified".

So i should negioated "pay  for deleted" only if i want the judgment deleted from my report..

Thanks advance

[Donks3369]

Niecy,

I glad they got at least that one removed for you.

Homer,

I would negotiate with them to have them put into writing that they will vacate the judgment upon payment.  I wouldn't take their word for it.  On a side note, I love how collection agencies and attorneys will tell you that they will update your report as paid.  Well what else are they going to report it as? 

But having them listed as paid won't do much for you, vacating it is the only way to get them off, unless you are really lucky like Niecy.

Message Edited by Donks3369 on 10-08-2008 01:36 PM

[HappyDays]

Homer the word you are looking for is  *vacate*   This means that they (the attorney) will file with the court & have it vacated.

[HomerSimpson]

This is what i got " Upon receipt of $xxxx in the office on or by xx/xx/xxxx, my name will be released from any further obilgations in this matter.

and he try to explain to me after i pay everything will take care off...

[Donks3369]

Homer,

Yes, he is correct in that your name will be released from further obligation, that is because it is paid.  But it will continue to stay on your credit reports for 7 years since the filing date.  You need to get the attorney to agree, in writing, that they will vacate the judgment upon payment of debt.

Anything other than that and you are left with a paid judgment on your credit report.

[HomerSimpson]

Althought the judgment couple years old and i just got the settlement letter today can i still request DV?

Thanks advance

[demed]

DVing a judgment is not very helpful.

If you can afford it, you can respond to the settlement offer with a very polite counteroffer with the same amount in exchange for "vacating the judgment" and removing the account information from all credit report agencies.