i do not have a judgement, so i know nothing about them. my cousin told me yesterday that she has 1 maybe 2, but my question is do judgements come off credit reports automatically after so long? i think she said that the 7 yr time frame would be this summer. i am going to try to help her, thru this board. this is the first step. thank you
Public records report 10 years not 7. Judgments are public records. Most judgments are renewable so it's possible for them to be reported for well over 10 years. This renewal factor can cause reporting of it to follow one well beyond the cemetery The END ************************* LB 59
If your "cousin" pays the judgment, the judgment will still report for a certain period of time, I **think* 7-10 years from date of payment, as per FCRA. State laws also vary on the reporting time of judgments, some states require a lesser reporting time than the FCRA. A paid judgment is a big negative on your report and will hurt your scores, almost as much as an unpaid judgment.
The proper answer to judgments in my opinion is to learn what all is wrong with them and then file motion to vacate void judgment. That's the way I see it.
do they have to be paid to get removed? louey ============== N0~~~~~The END ************************* LB 59
she has a chapt 13 now, but is thinking about dismissing the 13 and going 7. she has a house that they just did a contract on for sell. i was thinking that is she calls the mortgage company and submits a settlement offer for less than what she owes then she could take some of that money and pay off the judgements. and what ever else might be a problem. what do you think? she lives in nj and is coming down to visit within the next week or so. so i will try to help her then. i might be asking you guys more questions when i get her credit report. we are going to get that also when she visits, (she doesn't have a puter). thanks you guys.
The judgment can be included in the bankruptcy. Also judgments come off CR's after 7 yrs. (Tax liens stay 10 yrs). The 7 yr clock does not start over with payment. 7yrs begin when judment is filed. The length of time the judgment is valid, and if it can be renewed depends on the state you live in.
she could take some of that money and pay off the judgements louey ============= What good would that do ? Paid judgments hurt the same as un paid ones. The END ************************* LB 59
I'm curious: Did someone say that a judgement can stay on indefinitely if it is renewed? How can this be. Aren't they only supposed to stay on for 10 years?
ok so you are saying that paid or not the judgement is very very bad period! so if she dismissed the 13 and went 7 and included the judgements, then she could start over clean? is that the best for her? like i said i don't know what else is on her reports yet. once she gets here i will report to you guys and see if you can't help her. thanks again
