cancel
Showing results for 
Search instead for 
Did you mean: 

Judgement reporting to CRA?

tag
buffallodan
New Visitor

Judgement reporting to CRA?

I have a judgement against me from Capital One that was made in 2006. They renewed the judgement in 07'. If the initial judgement was in 06' should it not have dropped off my credit report? I am sending a copy of the initial judgement to Equifax for review in a dispute but am wondering if judgements can be renewed as mine has been what effect the SOL has on them In regards to the credit report. Thank you so much for any assistance you might provide. 

p.s. My current Fico is 689. I have over utilized accounts that I am addressing and - this judgement which at this point I'm not sure how to deal with...

Message 1 of 5
4 REPLIES 4
buffallodan
New Visitor

Re: Judgement reporting to CRA?

I think I figured out part of my issue. I think the judgement has 2 dates. The first was in 06 and marked as recieved but has no Judges signature. The second is marked as entered and has a Judges signature. Is the entered judgement the One that counts? Thanks for any input you may have on this.

Message 2 of 5
StartingOver10
Moderator Emerita

Re: Judgment reporting to CRA?

Judgments are completely different than collections or other TL's. This is a long answer, I hope it helps you.

 

1) There is a separate public record for judgments

2) The judgment may or may not be picked up from the separate public record and reported on your CR.

3) Get a copy of your actual judgment (you might be able to get it online under your name in your county's public record section).

4) Look up your state's statutes to see if the judgment is for 10 years or 20 yrs (those are the most common time periods)

5) Interest accrues from the time the judgment is issued. The interest is statutory and governed by your state. You can look up your state's statutory post judgment interest. You will want to know this in order to negotiate payment on the judgment.

 

Note: if you are going to get a mortgage anytime in the future, the title company and lender will check for judgments whether or not one shows on your credit report. It is better to take care of it prior to getting an inquiry on your report for a mortgage. Once the judgment holder sees you are interested in getting a mortgage they are much less negotiable.

 

When you pay the judgment make sure the judgment holder gives you a recorded Satisfaction of Judgment. And in some states, you can even vacate a paid judgment but not all states.

 

Last, yes a judgment is not valid without the Judges signature.

Message 3 of 5
buffallodan1
New Visitor

Re: Judgment reporting to CRA?

I have a copy of the Judgement. It was entered in 07. Will lenders be able to search for the judgement when considering my applications even if the SOL causes it to be removed from my CR? Thanks again.

Message 4 of 5
RobertEG
Legendary Contributor

Re: Judgement reporting to CRA?

Yes.

Credit report exclusion only prevents the CRA from continuing to include the judgment in any credit report they issue after expiration of 7 years from the date of entry of the judgment.  That has noting to do with removal of the court/public record of its occurence.

 

As stated, the judgment has a period of enforceability, normally ten years, and can be extended.

A simple review of public records will make it known to others without having to see it in your credit report.

Message 5 of 5
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.