Can I file a motion to vacate judgement since it has been 20 years that I have owed the debt?
Full Question:
Answer:
When a judgment is filed against a person, it may either be disputed the or the judgment can be satidfied. A person may petition for a Motion to Satisfy Judgement, which will show that the judgement was satisfied within the negative entry in your credit report. It will remain in your Credit Report (showing satisfied) for 7 years as allowed by law.
A disputed debt entry on a credit report may be disputed as incorrect. Under The Fair Credit Reporting Act, the information provider is required to investigate and report the results to the CRA. If the information is found to be incorrect, it must notify all nationwide CRAs to correct your file. If the investigation does not solve your dispute, ask that your statement concerning the dispute be included in your file. A notice of your dispute must be included anytime the CRA reports the negative item.
The clerk will enter a Satisfaction of Judgment in the court record. This means you have paid your judgment. The clerk’s office will also notify the Judgment Creditor that you have paid. Remember to update your credit report.
To update your credit report and show the debt as paid, do the following:
-Get 3 certified copies of the Acknowledgment of Satisfaction of Judgment from the clerk’s office.
Pay the fee.
-Mail a certified copy to each of the three major credit-reporting agencies: Equifax, Experian, and TransUnion.