Judgments on credit report?

[minkyboodle]

What is the name of your state? FL

Hi there, folks. I had a recent small claims go 'round. I was pretty steamed about it at first, but all told, I guess it's more of a win for me than for the plaintiff, because the judge cut her claim by two thirds. The thing that bothers me is that the judgment goes against ME. Now, that just doesn't seem right, since I didn't have a cause of action against her, and I had to beg the cretin to sue me so we could get it hammered out in court. Does anyone know what the story is with court judgments and credit reporting agencies? How often are they entered? Does it get reported even if I pay it right away? How does that work?

Thanks for any insights.

mink

[bigun]

Rule #1. Never beg somebody to sue you.

This will likely get picked up at some point. No idea as to when.

[JETX]

"Does anyone know what the story is with court judgments and credit reporting agencies?"
*** Yes.

"How often are they entered?"
*** Depends on whether the court records are entered by default, or by a 'stringer' (independent record 'gatherer' paid by the CRA) or even at all. I would suggest you contact your court and ask them.

"Does it get reported even if I pay it right away?"
*** It could. Or maybe it won't be reported at all. Simply, not all 'records' (debts, judgments, etc.) are reported. It is purely up to the creditor (or court) as to whether the judgment is reported. And if it is reported, then it will remain on your credit report for the full duration of the judgment validity.
A credit report doesn't only show 'unpaid' debts, but is supposed to reflect a FULL credit picture of your history.... good, bad and neutral.

"How does that work?"
*** See above.

A few more things. If the judgment is reported to the credit bureaus, it will stay on for 7 years after it is paid, unless you can sweet talk the creditor into taking it off after you pay it (good luck...). But, it should report as satisfied after it's paid. Now, if you never pay on the judgment, get garnished, or anything, the judgment will last for 20 years per Florida's SOL. So, pay it quick, get it updated on your credit once it's paid (if it's reporting, that is), and hold tight for 7 years.