04-25-2012 02:59 PM
04-25-2012 03:03 PM
Since you are negotiating, I would recommend getting them to file a motion to vacate the judgement in exchange for payment. What they are offering now is to just note that the judgement is satisfied, which won't help your FICO score. You want to get the judgement removed, and to do this it has to be vacated by the court.
The plantiff/CA CAN do this, it would just be some additional work on their part.....
04-25-2012 04:14 PM
The policy on vacating judgments based on payment of the debt varies with each court.
Some courts will religiously vacate only upon a showing of some legal or procedural deficiency in the judgment itself, while others will entertain an equitable vacate of the judgment based on its satisfaction. I would suggest making a call to the clerk of the judgment court, and have a chat with them about the usual pratice of their court in handling such motions.
If they entertain such motions, it helps if it either comes from the judgment creditor, or they file a statement supporting the motion. That way the court does not have a squealing judgment creditor to be concerned with.
04-25-2012 04:46 PM
04-26-2012 08:00 AM
My husband paid of a judgment in 2009 via wage garnishment and we were unaware there was anything else we had to do on our part. I'm not sure if it varies my state or if some law firms automatically notify the courts, but we had to contact the attorney that filed on behalf of the hospital he owed and get a notarized Satisfaction of Judgment and just yesterday I had to take that to the courthouse and pay to have it filed. I am now sending copies of the Satisfaction to the 3 bureaus to get it to report correctly (right now the status just says "Judgment"). Our mortgage LO instructed us to do this and said it should have some bearing on his report.
04-26-2012 08:07 AM
A judgement is like a collection in that is will ding your FICO score as long as it shows, regardless of whether it is paid/satisified or not.
If you are in mortgage underwriting then you will likely have to take care of any unpaid collections/judgements as a condition of approval. It won't really do anything for your FICO score though.
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.