I have been asked on several occasions about credit issues on someone's credit report.  I was asked again today about a judgement; how long does it stay on the credit report?  What if it is my ex's responsibility, can I still get a loan?

Judgements and Bankruptcies stay on your credit report for 12 years; if they are both paid and cleared; they will stop effecting your credit score after 7 years.

If a judgement or any other debt is showing on your credit report and you are not responsible for the debt yes you can get a loan as long as you have the following: evidence that you are not responsible as in a release from the judgement or debt, or divorce papers showing that the ex is responsible.  That is just a "let's get the deal done" not a "fix" on the credit report. 

The judgement will keep coming up until it is taken care of.  I recommend to anyone out there to submit evidence that the debt is not theirs to the credit bureaus. There are three bureaus; Equifax; Transunion and Experian; a letter to each bureau would be necessary.  Sometimes a trip to the judge stating that you are not responsible for the debt is necessary to send along with the evidence, it depends on the situation.

In the long run; taking care of your credit is better than re-addressing it every-time you want to get a loan.

God Bless

 
Posted by Ellen Coe on 09/11/2007 01:26 PM   Comments (2)  
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Thoughts
07/13/2007
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I have four children. All of which are very wonderful with unique personalities. My oldest is in high school and in the marching band. He is enjoying high school, and in honors, which makes me proud. The other three are in middle school, enjoying… more
First Time Homebuyers
07/13/2007
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I have found that most of the people I have worked with, were scared, uninformed, and sceptical about buying their first home. I understand those feelings, I felt the same way when I bought my first home as well. Being a mortgage consultant, I can… more
 

Ellen Coe

Sevierville, TN

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Wells Fargo Home Mortgage

Address: 329 River Road, Gatlinburg, TN, 37738

Office Phone: (866) 490-8915 x 1063

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