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Whether the Judgment is renewed or not has nothing to do with the Credit report. That is a statutory limitation that again can't be renewed on your credit report. I have done credit repair for many years...and I'm here to tell you that Federal Law always supercedes State Laws.
There are Federal Laws in place to protect consumers on credit report that will always supercede any state laws concerning statue of limitations on judgments.
Quote:
Originally Posted by pghquest
Looks like you need to read more carefully because
Credit reports will report Judgments up to 7yrs as permitted by FEDERAL LAW. Statutory limitations have nothing to do with Credit reporting laws.
4) If it is on the credit reports, they can stay there for up to 7 years, unless the individual renews the judgment. If they renew the judgment, its possible that it can never go away. Its rare for people to rewnew a judgment, companies are a little more agressive.
Statue of limitations has nothing to do with "credit reports" but they do have EVERYTHING to do with the ability to have a judgment collected upon. If you can prove to the bank that they can not be collected upon, the banks sometimes will ignore them. (As my bank did today with mine).
Just because there are 'loopholes' in a credit reporting system doesnt make it LEGAL to do as you please.
7) If the judgment is valid, you can try to dispute it, just to see if they knock it off due to not enough information. Doesnt mean it wont be added again later though.
Your statement is telling someone to commit fraud.
Whether the Judgment is renewed or not has nothing to do with the Credit report. That is a statutory limitation that again can't be renewed on your credit report. I have done credit repair for many years...and I'm here to tell you that Federal Law always supercedes State Laws.
There are Federal Laws in place to protect consumers on credit report that will always supercede any state laws concerning statue of limitations on judgments.
Judgments absolutely 100% can be renewed on your credit report, IF the person holding the judgment renews it prior to the statue of limitations expiring in their local courts.
If a creditor is vigilant upon renewing a judgment, they never expire, and can sit on your credit report your whole life because each time they renew it, it creates a new debt.
Whether the Judgment is renewed or not has nothing to do with the Credit report. That is a statutory limitation that again can't be renewed on your credit report. I have done credit repair for many years...and I'm here to tell you that Federal Law always supercedes State Laws.
There are Federal Laws in place to protect consumers on credit report that will always supercede any state laws concerning statue of limitations on judgments.
Federal law states
THE FAIR CREDIT REPORTING ACT
(2) Civil suits, civil judgments, and records of arrest that from date of entry, antedate the report by more than seven years or until the governing statute of limitations has expired, whichever is the longer period
Anotherwords, if they renew the judgment, the judgment becomes valid again and it has not passed the statue of limitations. It will sit on your credit report for ANOTHER 7 years.
If a creditor continues to renew the judgment, (which is rare).. its perfectly possible that a judgment can sit on your credit report your WHOLE life..
I have learned the the complete opposite. Most states only allow you to renew once...dont of any that allows you to renew more than once.
BTW...the point is that asking someone to dispute something that is valid is illegal.
I'm not sure why you would ask someone on this forum to commit a felony.
Quote:
Originally Posted by pghquest
Federal law states
THE FAIR CREDIT REPORTING ACT
(2) Civil suits, civil judgments, and records of arrest that from date of entry, antedate the report by more than seven years or until the governing statute of limitations has expired, whichever is the longer period
Anotherwords, if they renew the judgment, the judgment becomes valid again and it has not passed the statue of limitations. It will sit on your credit report for ANOTHER 7 years.
If a creditor continues to renew the judgment, (which is rare).. its perfectly possible that a judgment can sit on your credit report your WHOLE life..
I have learned the the complete opposite. Most states only allow you to renew once...dont of any that allows you to renew more than once.
BTW...the point is that asking someone to dispute something that is valid is illegal.
I'm not sure why you would ask someone on this forum to commit a felony.
Well that comes STRAIGHT from the Fair Credit Reporting Act.
I'm sitting on one against someone for $437127.50 + interest, I follow the judgment rules very carefuly to make sure they do not expire.
A judgment will NEVER go away if the collector is agressive on making sure that it never goes away. Judgments do time and become no longer collectible, IF the creditor does not take the necessary steps to renew a judgment. Usually they do not, but its becoming more and more common to renew judgments.
Edited to add: Why dont you show me where its a FELONY, because on another forum, you told someone that raising their credit limit, instead of paying down their debt was also a felony. You also state that you have never heard of ONE individual ever charged for taking such actions. http://forum.brokeroutpost.com/loans/forum/2/142926.htm (broken link)
If you read my post carefully you would read that if you have the intention of manipulating the mortgage application then it's a felony.
You're right...maybe not many ppl dont get caught cheating but doesnt make it right either. It's AGAINST THE LAW.
Please stop asking other ppl to commit illegal acts.
Whether they get caught or not isnt the issue.
Asking people to comply with the Fair credit laws, and informing them that judgments MIGHT never expire is not a crime. Stop twisting the statements.
People having their credit lines increased, is not against the law, as you claimed on the other forum, is not against the law, regardless of the reason.
Thats like stating that I cant take cash from A, and pay down B, so that my credit score increases, so I can buy home C, is not against the law.
People are entitled to do what they can to create better credit scores, just like if they want to not pay their bills to lower them.
It is not a FELONY, and you need to show me where it is.
Sorry I'm in the mortgage industry..and I know the consequences of manipulating a Fannie Mae 1003. I'm sure every loan officer knows as well.
Just call your state commissioner of banks tomorrow morning, and ask them what they think about manipulating a credit report to get approved for a mortgage or to receive a better rate.
7) If the judgment is valid, you can try to dispute it, just to see if they knock it off due to not enough information. Doesnt mean it wont be added again later though.
Make sure you tell them exactly what you told this guy.
I have nothing to prove to you, but I'm a licensed loan officer that was required to learn the Federal/State laws.
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