Question on Judgement Posting Date / Effect on the Score.

[Red1Blue]

I am disputing a Judgment posted on my CR. It should be removed and hopefully it will be removed. In the mean time is showing on my CR as Paid. Date Filed 3/1/2004 and Closing Date 6/1/2004. How bad is this for my score? Since it is showing Closing date 6/1/2004 which is 3 years away, would it have less impact on my score? How much damage is it causing for my score now?

[Anonymous]

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concorduser wrote:

I am disputing a Judgment posted on my CR. It should be removed and hopefully it will be removed. In the mean time is showing on my CR as Paid. Date Filed 3/1/2004 and Closing Date 6/1/2004. How bad is this for my score? Since it is showing Closing date 6/1/2004 which is 3 years away, would it have less impact on my score? How much damage is it causing for my score now?

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Certain things can be very detrimental to one's CRs. Even one collection, chargeoff, judgment, or recent late is very bad. BK is probably even badder, at least short term.

I wouldn't fret over exactly how many points it's costing you. Focus on it's removal.

[fused]

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concorduser wrote:

I am disputing a Judgment posted on my CR. It should be removed and hopefully it will be removed. In the mean time is showing on my CR as Paid. Date Filed 3/1/2004 and Closing Date 6/1/2004. How bad is this for my score? Since it is showing Closing date 6/1/2004 which is 3 years away, would it have less impact on my score? How much damage is it causing for my score now?

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It will fall off seven years from the filing date...so 3/2011. Although a judgment is a serious derogatory, it's negative affects lessen after two years.

[Anonymous]

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fused wrote:

It will fall off seven years from the filing date...

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"... or until the governing statute of limitations has expired, whichever is the longer period."

http://caselaw.lp.findlaw.com/scripts/ts_search.pl?title=15&sec=1681c

State laws vary, and it can be there for a longer period of time.

Message Edited by Noah_Bodie on 12-05-2007 06:34 AM

[fused]

Good stuff! Better we let Tusc know so he can update his credit scoring 101 thread.