Rebuilding Your Credit

[giants1986]

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.

[pizzadude]

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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.

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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.

[giants1986]

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.

[pizzadude]

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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.

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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.

[RobertEG]

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.