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Judgement didn't show up until paid......

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williewonka
Valued Member

Judgement didn't show up until paid......

...and scores have dropped 40-60 points. It was a real estate loan I cosigned for, and the account was never reported to any of the 3 CB's. That was until I paid it off in March and now it appears as a public record. Any guesses on how long before I get back to the 700"s or advice on how to mitigate it's effect? I was 711, 704 and 689. EQ and EX dropped to 650's, TU score hasn't updated yet. I had actually just app'd for BofA card the day before....not sure how that will turn out since i got the 10 day letter. 

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RobertEG
Legendary Contributor

Re: Judgement didn't show up until paid......

While most information in a consumer's credit file is there based on "reporting" by a furnisher, that is rarely the case with a judgment.

They almost always find their way into your credit file based on the CRAs doing their own research of pubic records (by use of contractors they hire).

As a side note, that is why public record information is explicity excluded from the direct dispute process, as there is normally no furnisher to which to send a direct dispute.

 

The lack of prior showing of the judgement was most likely not due to lack of reporting, but rather due to lack of the CRA public records search failing to pick up that particular public record.  Somethng in the act of paying or some change in how the researcher did theiir search ucovered the public record.

 

It is a major derog, and will thus continue to keep your scoring in a less favorable category ("scoring bucket") until your file is clear of all major derogs.

 

Message 2 of 3
williewonka
Valued Member

Re: Judgement didn't show up until paid......

Is  it a safe assumption that the severe effect will lessen over time, and if so how much time- 1-2 years? And being that it's paid now, how will lenders/creditors look at this when I apply for another auto/mortgage? The account itself has never reported, just the judgement. Lesson learned.

 

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