Credit Cards Center Credit cards from our partners
Reply
Valued Member
Posts: 38
Registered: ‎01-24-2012
0

Wage Garnishment question.

I received an email from accounting today that my wages will begin being garnished on my next paycheck. I was wondering how this will affect my credit report. I have already have the judgement on my report for this account for a couple of years and i haven't been able to keep with the payments hence the garnishment. 

 

My question is, if i don't fight this garnishment will there be a new record on my account, or did i already take the hit with the original judgement against my account?If this does not cause another baddie to arise on my report i would be fine with them taking the 10% as it would be paid off in a few months.

 

I have been able to raise my score 50+ pts in the last few months so any setback now would be terrible.

Equifax - 682
Trans Union - 687
Super Contributor
Posts: 9,674
Registered: ‎01-28-2010
0

Re: Wage Garnishment question.


giants1986 wrote:

I received an email from accounting today that my wages will begin being garnished on my next paycheck. I was wondering how this will affect my credit report. I have already have the judgement on my report for this account for a couple of years and i haven't been able to keep with the payments hence the garnishment. 

 

My question is, if i don't fight this garnishment will there be a new record on my account, or did i already take the hit with the original judgement against my account?If this does not cause another baddie to arise on my report i would be fine with them taking the 10% as it would be paid off in a few months.

 

I have been able to raise my score 50+ pts in the last few months so any setback now would be terrible.


Is the original account or collection(s) associated with this judgement also showing on your credit reports ?   I wouldn't expect anything new to pop up......but if a CA is involved with the garnishment there is always the possibility that they could report it as a collection if they aren't already.

 


 

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Valued Member
Posts: 38
Registered: ‎01-24-2012
0

Re: Wage Garnishment question.

Yes the original collection is also showing, these have both been on here for about two years or more so the baddies are aging a little. Is it worth trying to get this lifted and make payments directly to the marshall? Either way I have to pay the same amount monthly as they are not flexible when i spoke to them last.

Equifax - 682
Trans Union - 687
Super Contributor
Posts: 9,674
Registered: ‎01-28-2010
0

Re: Wage Garnishment question.


giants1986 wrote:

Yes the original collection is also showing, these have both been on here for about two years or more so the baddies are aging a little. Is it worth trying to get this lifted and make payments directly to the marshall? Either way I have to pay the same amount monthly as they are not flexible when i spoke to them last.


IMO your best approach would be to negotiate with the plantiff to PIF ( assuming that you can do this ) in exchange for their filing a motion to vacate the judgement and also removing the collection.    However.....now that they are garnishing your wages they may not be inclined to negotiate at all.

 

But I don't think that your FICO score will take another hit due to the garnishment.


 

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Highlighted
Epic Contributor
Posts: 25,182
Registered: ‎03-19-2007
0

Re: Wage Garnishment question.

Yes, the garnishment is likely to show in your CR.

Current status codes provide for reporting of terms of payment, including garnishment.  If they choose to do so, they can definately report current terms of payment status.

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.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on internal myFICO analysis of actual applicant approvals, and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range. These ranges were not provided by any card issuer.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

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.