Judgement affect credit

HOW DOES JUDGMENT AFFECT YOUR CREDIT REPORT and FICO, HOW DO YOU GET IT REMOVED? NEED HELP…

 the subject of judgments and their impact on your credit is often very misunderstood. There are simply too many myths around judgments, which compounds the problem.

If you feel confused about how judgments impact credit reports and credit scores, then here’s some clarity on the issue.

1. How Do Judgments End Up on Credit Reports?

If you are sued in court and the court or the jury rules against you then a judgment is filed in the adverse party’s favor. The judgment is actually filed against you by the court, not by the party who initially sued you. Once a judgment is filed against you it may not be long before it finds its way onto your credit reports.
However, the manner in which judgments end up on credit reports is quite a bit different than the way in which other accounts find their way onto your credit reports.

The majority of accounts which end up on a consumer’s credit report – i.e. mortgages, credit cards, collection accounts, etc. – are reported to the credit bureau by lenders or collection agencies, aka “data furnishers.”

Courthouses and court clerks are not data furnishers. They do not report information about judgments (or any other public record) to the credit bureaus. Instead, the credit bureaus proactively seek out information regarding judgments through the use of public record vendors like PACER and LexisNexis.

Once a credit bureau has acquired information about a newly filed judgment they will include the judgment on the consumer’s credit file.

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 2. Unsatisfied Judgments and Credit Reporting Longevity

The majority of judgments are allowed to remain on a consumer’s credit report for up to 7 years from the date the judgment is filed by the court. Unsatisfied or unpaid judgments are no exception to the 7-year rule.

And, when it comes to your credit scores it should come as no surprise that judgments can have a serious negative impact.

Judgments are considered to be a major derogatory credit entry by both FICO and Vantage Score’s credit scoring systems. The extent to which a judgment will impact your scores will lessen somewhat with time, but it will still damage your scores until the day it is removed.

Unsatisfied judgments (aka, judgments that have not been paid and satisfied) also have the potential to come back and bite a consumer a second time as well.

The reason unpaid judgments may have an added downside for consumers is due to the fact that they have the potential to be re-filed.

If a judgment is re-filed before the initial 7 years expires then it can be picked up by the credit bureaus again and can actually remain on the consumer’s credit report for 7 years from the new filing date.

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3. Satisfied Judgments and Credit Impact

When a judgment has been paid, the court will update the status of the judgment and file what’s referred to as a satisfaction of judgment. One of the most common misunderstandings about the reporting of satisfied judgments is that a satisfied judgment will be removed from a consumer’s credit report prior to the 7-year credit reporting statute of limitations.

Unfortunately for consumers, this idea is untrue. Satisfied judgments continue to remain on a consumer’s credit reports for 7 years from the date the judgment was initially filed by the court.

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