I have heard that it only comes up if you are buying or selling real estate.
2007-01-30 01:17:43 · 5 answers · asked by ladybug 5 in Business & Finance ➔ Credit
The better question you should be asking is - what can a creditor do with their judgment against me?
Not only can they list their judgment on your credit report, but they now have the legal right to investigate your financial condition. They have the legal right to seize assets that qualify under the law as "non-exempt".
And, the longer you ignore your judgment, the more interest it accrues, and the creditor has a legal right to seize every penny of interest.
And by the way - judgments in most states are renewable indefinately. That means, 20, 30, 40 years from now, if the creditor is savvy and have renewed the judgment, they still have the right to collect on it.
It's in your best interest to contact the creditor or his judgment recovery agent immediately to work out a payment plan or settlement. There's more than your credit rating that's on the line.
2007-01-30 09:11:19 · answer #1 · answered by DMEdwards 2 · 0⤊ 0⤋
Like the others said... pay it off as quickly as you can. The judgement will impact your score even if paid in full, but with time and other good credit, your score will improve.
The judgement stays on your credit report 7 years from the date of pay off... not the date it was first reported.
To minimize the impact of the judgement follow these steps.
The next step is to wait 20-45 days after payoff. At that point, order your credit report (directly from all 3 credit bureaus) and make sure the judgement was updated. If the judgement was not updated as "paid" or "paid in full" or "judgement fulfilled", then you must dispute it with the bureaus.
The bureaus will investigate it and update your credit file within 30 days.
It is important to do this BEFORE you buy property or apply for a loan.
The best way to obtain a free credit report (you are entitled to one a year from each bureau) is to use the website below.
2007-01-30 03:42:17 · answer #2 · answered by Develin 2 · 0⤊ 0⤋
Public records show on your credit for 7-years. You should have paid it before you went to court. But since you did not the best thing you can do is pay it quickly so it will show as a paid judgement.
2007-01-30 02:20:03 · answer #3 · answered by ? 7 · 0⤊ 0⤋
simply due to the fact that u now have a judgement against you several creditors will not even want to listen to your story and will simply refuse to provide u with credit. PAY IT OFF
2007-01-30 04:02:08 · answer #4 · answered by sunbun 6 · 0⤊ 0⤋
Public judgments show on your record for 7 years. If you pay it quickly the impact is minimal.
2007-01-30 01:23:22 · answer #5 · answered by Bostonian In MO 7 · 0⤊ 0⤋