Public record (judgement)

[BimmerBro]

I have a public record that will be seven years old 06/08. I know this extremely hurts my score. It's a judgement from Ford Motor Credit that I am hoping will be deleted after seven years. I hear charge off accounts are sometimes bought and opened again. I afraid this could happen with me being so close to the seven year mark.

What should I do?

[Anonymous]

First off...

Welcome!

Even if the account is bought it does not change the drop-off date of the judgement.  BUT, what you have to be concerned with is the judgement can be re-newed (if unpaid) and still be enfored.  Also, please check your state SOL for judgement regarding how long it is intially enforceable for.

Message Edited by Lady_Scarlet on 02-29-2008 09:59 AM

[BimmerBro]

Date Filed:

07/2001  for Ford Motor Credit. $6,024 

Status: -   Satisfied Date:   Verified Date:

Is it possible it will be deleted or reopened?

I signed the loan for a vehicle for my wife at the time.(hindsight is 20/20) She had it repo'ed. I was slapped with the judgement.

This is the only very bad thing on my reports. I am finally deciding to work on repairing my credit to buy a home. (renting is a drag)  I have no revolving credit except for my current car loan which is current.

What do you mean by drop date? If will come off after seven years, I can wait. If I can reach a settlement, I would be open to try. Do they offer settlements on a judgement?

thanks for the help!

[Anonymous]

what state are you and and is the judgement from this same state?

The possibility of a settlement on a judgement is almost nil - having gotten a judgement  they can collect in numerous way without your consent including attaching property, garnishing wages or bank accounts and even placing a lien on your home,

This is something to know the legal limits on so please check into those:

http://www.fair-debt-collection.com/statue-limitations.html