Judgement payoff

[Anonymous]

Hi,

When a judgement is paid, how does it effect Credit Score? Any number of points?

MM2

[Anonymous]

You need to work on getting it removed-
It is still looked as a derog in FICO scoring.

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@Anonymous wrote:

Hi,

When a judgment is paid, how does it effect Credit Score? Any number of points?

MM2

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[Anonymous]

I paid a judgment last January and nothing has happened at all. It looks the way it always has on my credit report.

[Red1Blue]

If you pay off the Judgment it will still remain on your credit report as paid or satisfied. As far as I know it might not help much.

In order to get the judgments completely removed from the public record you have to ask the plaintiff atty to file a nonsuit with the court. Once they file that then the case is dismissed and judgement does not exist. CRA has to remove it.

Another option you can look into filing a motion to vacate the judgment with the court.  If Judge approves it they the judgment has to be removed from the CR.

I had 3 judgments and Plaintiff Atty filed voluntary nonsuit the court. One is removed and other two are waiting to be removed. I am hoping it would be removed before end of this month.

[fused]

In FICO scoring, collections, COs and judgments rather paid or unpaid it doesn't matter. FICO says they are equally bad.

[scorepower]

i would like to share something about a judgement my DW had on her report. i'm not sure if this was the right way or if i did anything wrong but i was able to get it removed. DW had a judgement from 1989. her father opened an account to purchase some music insruments. last year we received a call from the CA to pay the debt. when speaking to the CA they advised they will continue to re-new the judgement every 10 years and add the processing fee to the total balance. my in-law passed away last year. DW told me she never knew of this account and her father opened it using her SS#. i disputed this judgement through equifax and explaining it was my wife's account but her father used her information to open it. they removed this judgement from her credit report and increased her score 39 points. i spoke to the CA and made arrangements to pay them. i advised them not to report the paid judgement to the CB. They said they will provide me a notice once the bill is paid that the judgement is satisfied. i'm pretty sure we got lucky on this one. i just want to pay off the judgement at this point so they don't have to re-new it again and tack on the lawyer fees. either case i would of still paid off this judgement and worked with the credit bureaus to get it removed.

[Anonymous]

Concorduser - what state do you live in?  I've been working in litigation for a couple of decades now, and as far as I know, a nonsuit can only be used when a matter has not been settled by a judge.  Once a judgment has been entered, the judgment either stands or is vacated.  If you've stumbled onto a way to manipulate the system, please tell us!  Was this a situation where an abstract of judgment was never filed with the county clerk?  Interesting....

[PayYouNever]

i was under the impression that if you negotiate a settlement with whoever filed the judgment with you and demand that they file "Dismiss The Lawsuit" paperwork with the court once you've paid, that you can then get the judgment vacated by filing the proper paperwork.

[majesty]

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hopeful wrote:

Concorduser - what state do you live in?  I've been working in litigation for a couple of decades now, and as far as I know, a nonsuit can only be used when a matter has not been settled by a judge.  Once a judgment has been entered, the judgment either stands or is vacated.  If you've stumbled onto a way to manipulate the system, please tell us!  Was this a situation where an abstract of judgment was never filed with the county clerk?  Interesting....

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This would help as well. I am in CT. and plan on pursuing this method if possible.

[PayYouNever]

Isn't tricky getting the voluntary nonsuit? Because doesn't that mean the plaintiff will have a judgment for costs be entered against him? If that's not the case, then by all means go for this.

I assume it just requires the proper research for your state regarding dismissing a law suit. I'm in the middle of negotiating a settlement on a judgment right now, and part of the written language I've been sending the CA/law firm is that I want Lawsuit Dismissal paperwork filed with receipt of the final payment; in fact, I want to meet at the court house and watch them file that paperwork, then I'll handle over the last bit of money.

It's case-by-case in getting judgments and what not removed... but the strategy is the key to ensuring some sort of victory.