Happy Friday, it's Q & A Time!!!
Today's Question: Hi Netiva, using your dispute letters and videos on Periscope I was able to get my judgment deleted!!!! My scores increased by 52 points, do I have to still pay this or can I ignore it?
Answer: Congratulations!!!! Umm, yes you are still liable for the debt.
Removing the item from your credit report, is just that, removing it from your credit report. It will NOT remove it from the public record, will NOT remove your liability for the debt and it will NOT remove your debt from the creditor's books.
Removing it did, however, increase your scores, which will allow you to access everyday items and credit for a cheaper rate – insurance, utilities, etc.
Good credit saves money in the short and long run.
Now IF you have to pay the judgment or not is a different story. Roughly 80% of judgments are never paid. You may never hear from this creditor again, it may expire and you won't have to pay.
If you plan on obtaining a home, getting security clearance for a job or starting a biz where you'll need to seek funding any time soon, you may want to be proactive and settle it.
If you need assistance developing a personalized strategy to Soar Your Credit Scores, visit: bit.ly/soarmyscores
Oct. 9, 2016 – Credit Classes Start!