Can I Still Have A Judgement A

RE: Can I Still Have A Judgeme

A judgement is a public record that indicates that you have been sued and owe a debt to the plaintiff (creditor). Judgements are reported to the credit bureau and remain for 10 years from the date the judgement is awarded.

If none of the credit reports that you have pulled show a judgement, it's unlikely that one has been obtained against you. You would of more than likely been informed of the suit as you or an adult in your household would of been served by a sheriff or a process server for you to appear in court.

Do you have to worry about being sued?

The statute of limitations runs at six years (I'm not sure but could be seven years in some states). Basically what that means is that a creditor is given up to 6 years from the date of last payment to collect on a debt. If a payment, or a promise to pay is not made within that six years the creditor has to cease all collection activities and is unable to sue. However, the creditor at anytime before statute of limitations can sue you. If the creditor is awarded judgement, he has an additional ten years to collect on that judgement. Furthermore, If you make a payment of even $1.00 to your creditor, the statute of limitations runs from the date of that payment.

In your particular case it sounds like most of your debt has reached the statutes. As long as you do not make a payment nor promise to pay those debts they cannot sue you if your last payment was over 6 years.

Furthermore, the amount of your debts do not seem substantial to warrant a lawsuit. Litigation costs and attorney fees to collect on a debt under $500 would not make much economical sense. But be warned it does happen! Especially if the creditor has taken your debt personally (such as a jilted ex-landlord) or if the creditor wants to attempt at collecting the debt for another 10 years.

My advice (and thats all it is) would be to not pay. I know that there were a few gasps out there but these derogatories have plagued you for years and are due to come off. However, you can pay them and come clean, but be prepared for those accounts and all their derogatories to be slapped back on your credit report for another seven years. Albeit they will be reported as paid. If you do prefer to pay these debts back you can maybe work with the creditor to settle the balance at a lesser amount and you may even be able to negotiate how they will be reported to the credit bureaus. It doesn't hurt to ask them to take off the derogatories and report as "paid-satisfied", or delete all together.

For the last part of your question, I do not know if the bureau's share information. I have read many places that they do share their information and thats why it is difficult to clear up discrepancies. As one credit bureau is clearing up the discrepancy they are downloading the old information from the other bureaus and that old information appears new again. But from my own personal experience in working collections I am always amazed at how different the information is between bureaus. And at times the lack of information.Period.

Although the statute of limitations is six years, the credit bureaus report the activity for seven years from last payment. Also if you make a payment after the sixth year the statutes will start over and that debt is collectible for another six years and reported to the credit report for seven years from that last payment.

 

RE: Can I Still Have A Judgeme

This is contradictory to that the creditor is the only one allowed to put information in your file isn't it? Just wondering, this is getting too confusing.

 

RE: Incorrect & WRONG advi

There are quite a few incorrect and/or inaccurate statements in Paul's long message.

Most importantly, some have to do with the state in which the person lives, the state that the company is based (when the account was opened and/or maintained from), and the state in which a judgement is ordered.

> Judgements are reported to the credit
> bureau and remain for 10 years from the
> date the judgement is awarded.

In many states, judgements continue to be reported INDEFINATELY, until the debt is satisfied, and THEN a period of years before it drops off.

> If the creditor is awarded judgement, he
> has an additional ten years to collect on
> that judgement. Furthermore, If you make a
> payment of even $1.00 to your creditor,
> the statute of limitations runs from the
> date of that payment.

What's with this '10 years' period? Again, each state is different. Some states, the judgement is good for a few years, in some much longer than ten years. Even so, if the time period expires, the judgement can be extended for another (and another, and another) period, making collection activities literally indefinite.

> However, you can pay them and come clean,
> but be prepared for those accounts and all
> their derogatories to be slapped back on
> your credit report for another seven
> years.

Absolutely incorrect. A derogatory trade line may only be reported for 7 years (plus 180 days, depending upon the date) from either the original delinquency date or the date of charge-off. The original delinquency date is the date on which the account went delinquent and never again became current. Charge-off is a P&L (profit & loss) right off by the creditor, usually done within 180 days of delinquency.

Regadless, paying off in full (or settling a debt for less than the full amount accepted AS full settlement) does NOT change the original delinquency date. The account is never "brought back to non-deqlinquent, open, current status". Paying off a collection or judgement will NOT change the ODD, will NOT affect the original account (trade line) whatsoever. Seven years from ODD/charge-off is 7 years -- nothing more can be reported.

Many people confuse "Date of Last Activity" with "Original Delinquency Date", because the credit reports from EFX/EXP/TU do not do a very good job of distinquishing the difference. You do NOT re-age a derog closed or charged-off account by paying it off or by settling it in a lump sum accepted as full settlement. What you CAN do is make an agreement to send PARTIAL payments over time and eventually pay off the account. THIS will re-age the account, because you're basically renegotiating the terms of the original loan. Do NOT do this unless you want the 7 year reporting clock to start over.

> I have read many places that they do share
> their information and thats why it is
> difficult to clear up discrepancies.

Again, absolutely incorrect. Equifax, Experian and TU are three separate for-profit companies. Each of them charges their customers (the lenders, credit card companies, bank, etc.) to (a) access credit histories to determine if they want to extend credit and (b) report account activity of THIER customers (you, me, anybody who has installment accounts, loans, credit cards, mortgages, etc.). Each of the "Big 3" maintain their own data. They are competing with eachother -- a lender has to decide which one (or ones) he is going to use and pay for their services. Some use only one. Others might use two or three. Some use different CRA's depending upon what area of the country you live in or your zip code, while others might change on a regular basis, depending upon which CRA is giving them the best price.

Ultimately, they are all competing with eachother and, thus, do not "share" their product - their "product" is YOUR credit histories. This is why, as you stated in your original message, information at one bureau looks different than information at the other bureaus.

> Although the statute of limitations is six
> years, the credit bureaus report the
> activity for seven years from last
> payment.

Wrong! For starters, the SOL has absolutely NOTHING to do with the amount of time something may be reported to the CRA's. Secondly, and MOST IMPORTANT, is that derogatory trade lines are reported for 7 years from the ORIGINAL DELINQUENCY DATE or CHRAGE OFF DATE, whichever happened last. There are different lengths for other things, such as most bankruptcies (10 years, 7 for Chapter 13), employment inquiries for jobs that pay over $75K/year, etc.

Be accurate with what you post - others may actually read it and believe it!

 

RE: Incorrect & WRONG advi

RE: Original Delinquency Date.

Hey John, for the same account tossed around through different collection agencies, which eventually got paid off (unfortunately before i discovered this message board, and thus did not negotiate a deletion) because the previous collection agencies were unable to locate me because I moved around alot;
<and I can't seem to make a sentence so I apologise if this is one big slurr>

My question is this: Is the original delinquency date apply to the orignal creditor only, or is it different as the case where the in between agencies report their charge-offs? And what can I do about these negatives from this in between collection agencies.

My original account was w/ Bank of America.
After they charge off the account, it got transferred to bank of hoven, where they too charged off the account. The account was transferred to CorTrust Bank with whom I paid years ago.

There's nothing from BofA because it's long over 7 years ago, and CorTrust Bank has their money so they don't care to report any negs. But Bank Hoven is probably sore that they weren't able to reach me or something because I was more than happy to pay and resolve my debt. They report as charge off as well as showing a balance. Is there anything I can do? How about this "original delinquency date", since I never contacted them, do they come up with their own date since they acquired the account, in which I would have to wait 'til 2003 before it's gone from my report?

Himmel

 

RE: Incorrect & WRONG advi

RE: Can I Still Have A Judgeme
Author: Paul (---.public.svc.webtv.net)
Date: 02-09-01 00:16

My advice (and thats all it is) would be to not pay. I know that there were a few gasps out there but these derogatories have plagued you for years and are due to come off. However, you can pay them and come clean, but be prepared for those accounts and all their derogatories to be slapped back on your credit report for another seven years. ===========How does that encourage the debitor to pay up or help the creditor collect?lb.Dumb set up RIGHT!