I live in the state of California and have a Capital One Bank Civil Judgment Filed 11/2007. Amount: $2,583.00 After researching, I've found that the Judgment have Statue of Limitation of 7 years from the Judgment Filing date (which will expire in a few months: 11/2014). I've also read that in the FCRA Section 605 (a)(2) states the following: "Civil suits, civil judgments, and records of arrest that from date of entry, antedate the report by more than seen years or until the governing statue of limitations has expired, whichever is the longer period" After reading the above quote line by line, I believe the 'governing statue of limitations' for me is California; and that the California Statue of Limitations on Debt of Judgment is 10 years thus by going by 'which ever is the longer period', I'm assuming my Judgment SOL is 10 years (which will expire in 11/2017??) The strange thing is when I pulled my credit report: the Judgement only showed up on Experian only. Nothing in Equifax and Transunion. There was also a note under the Judgment from the experian report stating that "this item is scheduled to continue on record until November 2014" -So does this mean its going by the 7 year SOL? Question: 1) What is my correct SOL? 2) I've researched that these 'Unsatisfied' Judgments can be renewed which can be re-filed and remain on your credit report for another 7 or 10 years, regardless if its paid or unpaid judgment. What are the chances of Capital One renewing their civil judgment of a mere $2,583.00 amount? 3) I thought about resolving and paying off the judgment; but with my current low financial situation, having the 7 year SOL to expire sounded a better alternative. Hopefully, if Capital One does not renew/re-file the judgment, will the experian automatically remove the 'Unsatisfied' Civil Judgment on 11/2014, based from the 7 year SOL? 4) Can you attempt the settle by paying 50% of the amount? 4a) Would you pay to Capital One or to the Court? Who do you contact? 5) I'm planning on having the 7 year SOL to expire, pull my credit report again in 11/2014, and and pray that it will be removed. If Capital One decides to renew/re-file, i'll be fu*ked.. Because then the SOL will be another 7 or 10 years. And even if pay the judgment and become 'satisfied' status after the renewal, it wont improve my FICO score and will take that additional 7 or 10 years to be completely removed from the credit report. Is all of my forecasting correct?
2. Refiling may be a quick process, whether or not they choose to go that route could depend on a number of factors. 4. A judgement doesn't provide them too much desire to settle for less than 100%, especially if they can refile the judgement and keep it active for another 7-10 years. 5. That sounds accurate.
