judgement from early 1993

Discussion in 'Credit Talk' started by needadvise, Feb 18, 2001.

  1. needadvise

    needadvise Guest


    I defaulted on a credit card in 1992. At the time I received a letter, either from the collection agency, or small claims court instructing me to show up for the defaulted loan. The amount was $ 701.00. I was scared, so I did not go to court. If I got a notice, and again I honestly don't know if I did, it was sent by regular mail, not certified.

    How does the statute of limitations work with this? I read a couple of posts regarding judgements, which scared me. I live in Massachusetts, and it the SOL has already expired on "normal defaults".

    The collection agency is a law firm, which filed the original suit in 1992/1993. They offered to settle for $ 476.00.

    I fear two things, 1, that if I agree to pay them, this reages the account and will damage my credit record for seven more years, which is now pretty good; or 2, by paying them, I do nothing to improve my own credit, except probably doing the morally right thing and pay back what is due.

    What should I do?

  2. Claudio

    Claudio Guest

    A judgement can be renewed after its SOL has experied. That's why judgements should be avoided at all times. Since this happened in 1993 it shouldn't appear on your credit report right? If you want to do the moral thing you should go ahead and pay it, but if they are not bothering you, why should you?
    Check this website for SOL info on judgements


    Let me know what you think
  3. marvin

    marvin Well-Known Member

    As far as credit reporting, judgements are reported for seven years from the date of entry, which I believe is the day it went to court. This will not change if you pay it. You can probably pay this without causing anything to be reset, but I think the SOL is expired (not sure on judgements though), and this will not improve you're credit score

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