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@Anonymous wrote:I am looking in my credit report for where does it say a negative item may drop off the report.
You know your right... hmmm I do remember seeing it but can't find it now.
I checked on a report from last year and i see a section from a chargeoff that says
Status Details: This account is account is scheduled to continue on record until Jan 2015.
Hmm I wonder why the status details don't show for most reports.
If you call and ask how to get that, can you report it back here haha. TY
But your right, with those dates I knew what was what.
The paid services generally don't show that info. However, government mandated, free credit reports (score not included; that costs extra) via AnnualCreditReport.com will contain the DOFD / estimated date of removal. Simply visit AnnualCreditReport.com and choose the bureau(s) to request free reports for. May be best to stagger out the free requests; not requesting all three at once.
Additional free reports are also available to those who have been recently denied credit and/or meet other criteria, but must be obtained directly from each of the bureaus - it can be a confusing process, in particular, TransUnion. To be clear, if you have not requested any free reports yet in the past 12 months, just visit AnnualCreditReport.com and follow the instructions; be aware of the upsells - no purchase required / no payment info needed.
In another thread you mention your score being around 500-560 with many collections, which understandably, you want to know when they'll drop off. However, be aware that judgements, even if they drop off / never appear, are potentially enforceable for upwards of 20 years, and judgement liens even longer than that.
The biggest risk, going off the info you've provided / making some assumptions, is wage garnishment and bank account levy. A few states, such as Pennsylvania and Texas, generally don't allow wage garnishment for cc related debt, but many do. A more immediate threat is a bank levy. All states allow for that, and it's a relatively simple, effective process for collecting on a judgement, which can be costly - most banks / credit unions added a legal processing fee, which can be $100 or even more.
Point is, determine how many judgements you really have - you mention 6 in your other thread. That's a lot! Are they for very large amounts? Of course that's relative, but to put it another way, is the total of all your outstanding judgements way outside your ability to repay them in say the next few years? If yes, you may want to consider bankruptcy.
Judgements won't go away by themselves ... you could try waiting them out, and some debtors get lucky doing that, but very likely you'll be in for a nasty surprise someday at the worst time when suddenly your bank accounts and/or other assets are seized. A more immediate concern is you may have a difficult time getting an apartment, mortgage, etc.
Maybe I'm putting the cart before the horse ... if all the judgements are paid, then no worries. Simply wait for them to drop off, which they will in due course ~7 years from the filing date. Furthermore, you may be able to get judgements removed early, which can be relatively easy in some instances, since public records come from a third-party source; they're not directly reported. I only recommend doing so for paid judgements that have been "satisfied". Getting unpaid judgements removed early is unethical, and false security - they may show up on full factual report (deleted credit report items / public records aren't necessarily gone), and near certainly will if and when you apply for a mortgage, or even for some types of jobs that do in-depth financial background checks (most jobs don't do this; they only check criminal).
Hope this helps.
@Anonymous wrote:have been using creditkarma to view my reports and score. I know its probably not accurate
Reports should be accurate but CK does run into errors from time to time. As for scores, you can't rely on a VantageScore 3.0 to determine anything other than a VantageScore 3.0. Do not use one scoring model to attempt to determine your scores using other scoring models. If you want FICO 8's or other FICO's provided by myFICO then you need to get them from myFICO (or another applicable source).
A couple of the judgements are from 2014 and others from 2012, should i try and deal with the newer one first? I am currently fighting to get disability benefits since i cant work due to an illness, can they garnish that also?
@Anonymous wrote:A couple of the judgements are from 2014 and others from 2012, should i try and deal with the newer one first? I am currently fighting to get disability benefits since i cant work due to an illness, can they garnish that also?
Generally, no. If you expect much of your income to be from disability and government benefits, then you could choose to pay nothing at this time. Interest will continue to accrue on the judgements at your state's statutory interest rate, which is likely around 6%.
As for benefits themselves, be sure they're direct deposited into a bank account that receives only such benefits. Many types of benefits when direct deposited electronically are specially coded so banks know those funds may be exempt from garnishment...
Do not mix benefit deposits with personal deposits - put those on a pre-paid card and/or separate bank account at a separate banking institution. It's also possible to have benefits direct deposited straight onto a pre-paid card, but many such cards lack the protections / customer service of a regular bank. If going that route, Wal-Mart Money Card works great, but if something goes wrong, support is far, far away, possibly off-shore, and of limited assistance. But I digress.
Back to the judgements. How large are they? That makes a huge difference in what you should do.
If they're middish 4-figures or more each / $20K combined (just throwing a number out there that's likely not doable in your situation), bankruptcy may be a good option. Get those monkeys off your back and get a fresh start. If you have few assets, that makes the process all that much easier. Your credit score will take a hit, but you'll be able to apply for new credit in short order - it's amazing the stories I read / talking with friends over the years getting huge credit lines coming straight out of bankruptcy.
all together its about $7500. would i be able to talk them down in accepting a less amount?
@Anonymous wrote:A couple of the judgements are from 2014 and others from 2012, should i try and deal with the newer one first? I am currently fighting to get disability benefits since i cant work due to an illness, can they garnish that also?
Up to 2 months of benefits from SSDI or SSRI in a savings or checking account are exempt from seizure. If you dont qualify for the disability insurance and get SSI it cannot be garnished or seized at any time and that applies to any govt debts as well. You want to have a separate account that handles your benefits only and you would not deposit any other funds into it. If these people know where your checking account is I would be opening another one at a CU or bank that they dont know about to receive those back benes when you are finally approved. Good luck ![]()