No, not unless special steps are taken to cure any damage already done to your credit report.
If a lawsuit was filed, it will stay on your credit report, unless the landlord sends all three credit reporting agencies letters explaining that the lawsuit was the result of a misunderstanding, and that you were not late or otherwise delinquent with the rent.
Even if a lawsuit was not filed, then if the landlord reported a late or missed payment to any of the three credit reporting agencies, it will stay on your credit report unless you do the same thing, get the landlord sends all three credit reporting agencies letters explaining that the lawsuit was the result of a misunderstanding, and that you were not late or otherwise delinquent with the rent.
You have the right to send your own letter to the three credit reporting agencies, and they are required to keep it on file. I don't know whether that will do anything to correct or restore your credit score.
In the mediation, you can ask that this be included as a requirement of the landlord in the written settlement agreement.
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Do you have a revocable living trust to protect your heirs against probate? Probate takes forever, is expensive, and is annoying. Do your family a favor. Set up a trust, and put all your property, especially any real property, into the trust. Since it is revocable, you can change it, add to it, take property out of it, or even cancel it completely, at any time. We set up such trusts, provide a pour-over will as a back-up for any property that does not make it into the trust, provide you with blank durable powers of attorney for health care and financial decisions, in case you become incapable of making such decisions while still alive, and convey one piece of real property to the trust, usually the family home, for $1500.00. If you would like to hire me to do this, let me know, and I'll send you a list of the information I need.
Dana Sack
Answered on Jun 29th, 2015 at 12:23 PM