Satisfaction of Judgement filed...how much will this affect me?

[JM761]

Hello

Not sure if this is the right forum - if I should go over to a different section, like rebuilding credit, let me know. 

I'm trying to understnad how much a "satisfaction of judgement" will affect my credit.

I was sued by a CC company. I found out about it late and paid as soon as I was able to pull funds together. The sent a satisfaction of judgement to the court.

Some older posts in the forum suggested that my credit will take a big hit b/c the Satisfaction of Judgement will be on my credit report as of pay off date (Feb 2022). These posts were before the rules went into effect in 2017 that removed judgements from credit reports (although I know they are public record). 

I know that by having an outstanding debt that was charged off did a lot of damage to my report. Mine was from 2018 so I have a few years before it is removed (they will not pay for delete).  

What is the impact of having a Satisfaction of Judgement? Will a letter stating it has been satisfied from the court get it removed from my credit report or does it start a new with an additional 7 years on the report? 

sorry If i don't have all the right terminology. I'm learning as I go and this question is confusing me.  

Im not sure if it matters but I'm in Connecticut.

Thank you in advance! I'm happy to do research - I'm just spinning myself in circles so feel free to point me in the right direction. 

[dragontears]

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@JM761 wrote:

Hello

Not sure if this is the right forum - if I should go over to a different section, like rebuilding credit, let me know. 

I'm trying to understnad how much a "satisfaction of judgement" will affect my credit.

I was sued by a CC company. I found out about it late and paid as soon as I was able to pull funds together. The sent a satisfaction of judgement to the court.

Some older posts in the forum suggested that my credit will take a big hit b/c the Satisfaction of Judgement will be on my credit report as of pay off date (Feb 2022). These posts were before the rules went into effect in 2017 that removed judgements from credit reports (although I know they are public record). 

I know that by having an outstanding debt that was charged off did a lot of damage to my report. Mine was from 2018 so I have a few years before it is removed (they will not pay for delete).  

What is the impact of having a Satisfaction of Judgement? Will a letter stating it has been satisfied from the court get it removed from my credit report or does it start a new with an additional 7 years on the report? 

sorry If i don't have all the right terminology. I'm learning as I go and this question is confusing me.  

Im not sure if it matters but I'm in Connecticut.

Thank you in advance! I'm happy to do research - I'm just spinning myself in circles so feel free to point me in the right direction. 

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No effect except the CO should be at $0 which is a good thing. If there's no judgment on your reports there is nothing to update to affect your scores. 

No, it doesn't restart the credit reporting exclusion time frame, the OC account will still fall off 7 years after DOFD 

[JM761]

Thank you so much for this clarification and explanation. I was getting a bit confused because many questions are about "what if I don't pay a judgement" or something along those lines. In my case I settled it and I was getting the impression that my "clock" would refresh and I'd be on the hook for another 7 years. I'm trying to dig myself out of the hole and I thought I put myself right back at the bottom. your message was helpful! I'll review my report to see how it's reported by the OC (synchrony) and see how the debt buyer (sorry, not sure of the term, they are called Credit Corp Solutions) reported it, if at all. When I spoke to them on the phone, they said they hadn't reported anything. DOFD was 2018, so I"m halfway there. 

thanks for the reassurance!