Saturday, October 24, 2009

How long does a public record stay on your credit report once it has been paid?

Thanks to credit monitoring, I discovered that a law firm was issued a judgement against me for a payment that I made 5 years ago. The judgement was for $1350 and was awarded to the plaintiff on 10/25/2006. I just found out about this on December 12, 2006 because my credit monitoring service alerted me to it. The law firm and courts have been sending correspondence to an address that I have not lived at for three years, thus I had no way of knowing this was taking place. Given that I don't have the receipts (I lost them in one of my relocations), i felt it was best to settle the case with the firm. The settlement came to $900 and I agreed to pay it as part of a payment plan. How long will this stay on my credit report once it has been satisfied?

How long does a public record stay on your credit report once it has been paid?
Unfortunately you settled. If the judgement was issued 5 years ago and the last entry on your credit report was that long ago, you could have possibly waited 1 year for it to roll off. If the last entry was in 2006, it was best. It is dependent upn what state you live in. Go to http://www.creditinfocenter.com/rebuild/... This gives you some more insight on how long it will stay on your report.
Reply:Judgements will stay on your credit for 10yrs even after it's been paid. It used to be 7yrs. Most lenders will overlook and not penalize you for a judgement that has been paid for at least 24 months.





Hope this helps. Good luck!
Reply:A legal judgment will stay on your credit report for at least 7 1/2 years, possibly longer.





You should have negotiated a entry on your credit report when you settled, like "paid in full" or "paid as agreed".





Since the judgment was not valid since they did not get personal service on you, send a letter to the credit bureaus explaining what happened and have them attach it to your records.


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