I have a Judgement in Ohio that I've never paid. It's for an old credit card. It was filed in Dec of 2007 so I'm assuming its coming off in Dec 2014, correct? Should I pay the Judgement? I would be willing to pay if I knew it would come off my CR's.
Any advice would be greatly appreciated.
It will eventually fall of the credit reports but what's more important is to find out what the laws in Ohio are when it comes to a judgment. Do they expire?
Even if it falls off your credit report, the judgment is still valid and they can potentially come after your bank accounts and wages.
CR exclusion does not effect their abiity to enforce a court order.
The issue is what steps they may choose to take.
I'm really not concerned about paying the judgment. It's a small amount. I'm more concerned about how any action on my part will affect my credit. Is it a possible to negotiate payment with the lender in exchange for dropping the judgment?
That's not how it works. Once the judgment is obtained by the creditor, then you either pay it to get it Satisfied (and record the Satisfaction of Judgment) OR see if you can get it vacated. Sometimes a creditor will vacate in exchange for payment but that is rare. Most of the time if it is vacated its because there was an error in obtaining the judgment.
Check to see if there is any reason (legally) that you can use to get the judgment vacated. Its unlikely there is but it is worth checking. I only say unlikely because it has been so long since the judgment was issued and there are generally time limits to overturning the judgment.
You are better off paying it sooner rather than later as interest accrues on the judgment in accordance with your states statutes. So even if it was small five years ago, it will be more now. Make sure you get a Satisfaction of Judgment when you pay and make sure its recorded. Once it's paid its more likely to drop off your CR. BTW, judgments last much longer than 7 years. Check your jurisdiction to know how long yours will last, but it is typically 10 yrs to 20 yrs. Some jurisdictions allow renewals too. Best to get rid of it now.
So it sounds like my best option is to pay the judgement and just hope for some reason it comes off (or do I dispute it after paying). Does paying a Judgement restart the time it stays on your CR? If so, would it make more sense to wait until the Judgement comes off then pay it?
As mentioned above, please check your states law regarding the renewal of a judgment. In California, I sued a guy for an accident; the original judgment is good for 10 years and can be renewed for another 10 years with interest.