The best time to remove judgment from your credit record was yesterday. Do your credit score some good by collaborating with Cape Town Legal Consultants to remove judgment from your credit records. This provides you with a clean financial slate, allowing you to acquire new credit and so new assets to boost wealth.
When removing judgment from your credit record, you must undergo a specific legal process. Here’s how it works.
The most common way to remove a judgment is by settling the debt that led to the judgment. This involves paying the full amount owed, including any interest or fees that may have accrued.
Once you’ve settled the debt, you need to obtain a Satisfaction of Judgment from the creditor. This document confirms that the debt has been paid in full, and the creditor is satisfied.
Take the Satisfaction of Judgment to the court where the judgment was initially granted. Submit the document to the clerk of the court, along with any required fees.
With the Satisfaction of Judgment in hand, you can then apply for a Rescission of Judgment. This is a legal process where the court reviews the case and, if satisfied, sets aside the judgment.
After the court grants the Rescission of Judgment, you should provide the relevant documentation to the major credit bureaus in South Africa. These include TransUnion, Experian, and Equifax. They will update your credit report to reflect the removal of the judgment.
Regularly monitor your credit report to ensure that the judgment has been removed. Credit bureaus typically update their records periodically, but it’s essential to verify that the information is accurate.
You should team up with a legal professional when attempting to remove judgment from your credit profile. Contact Cape Town Legal Consultants for professional help from FSP industry leaders today.