Wage garnishments judgments can stay on your credit report for seven years. Like judgments, this can also be damaging to your credit rating.
One of the first steps you can take is to negotiate a settlement with your creditor. You can explain your circumstances and promise to make partial payments (which you must fulfill) on a monthly (or quarterly or any time period you both agree on) in exchange for a form called the “Acknowledgment of Satisfaction of Judgment” which they file with the court in accordance with the laws of your state.
Your lawyer can also file a “Motion and Declaration to Vacate Judgment” and an “Order to Show Cause” for the garnishment if you have strong reason to believe that the legal technicalities were not met when the decision was issued against you.
In the event that the seven year statute of limitations has passed and you still see the garnishment on your credit report, dispute it with the credit bureau.
This program is ideal for anyone interested in real and lasting credit improvement.
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