judgement question

[sbever]

What is the name of your state? IN

How long does it take for a judgement to drop off of a credit report?

Thank you.

[Chien]

It's likely to stay the maximum 7 years (unless there's more to your question).

[punkin]

it will stay until its pd i believe...and the person can renew that judgement so it could progressively go on for yrs until its satisfied....check wih your states Dept of Consumer Affairs they can clarify this for you......

[Chien]

Originally Posted by punkin
it will stay until its pd i believe...and the person can renew that judgement so it could progressively go on for yrs until its satisfied....check wih your states Dept of Consumer Affairs they can clarify this for you......

With due respect, that's not correct. While records can "fall off" in a lesser period of time, the maximum FCRA record retention period for anything other than bankruptcies is 7 years. A bankruptcy can stay for 10 years.

Nor will a judgment come off when paid. The trade line will be amended to show that a judgment existed and has been "satisfied" or "released".

Finally, in most states (it may be all states, but I'm not checking myself at the moment), the life of a judgment is longer than 7 years, so a judgment could be valid after the FCRA record could no longer be maintained. However, in states that allow a judgment to be renewed, the renewed judgment normally is given a new case number. Hypothetically, that renewed judgment could then get a new listing and stay another 7 years.

[punkin]

thus as i said the judgement could progressively go on for years,dosent matter that its given a new case # its still there

[Chien]

Then I apologize. I thought that, when the question is "How long does it take . . . to drop off?", that the response "it will stay until its pd" meant to comes off at that point, and I was simply clarifying that it doesn't.

I also thought that "the judgement could progressively go on for years" didn't adequately reflect that it can be no more than 7, which had already been stated.

And the Federal Trade Commission is the place to discuss the FCRA.

[JETX]

Originally Posted by Chien

It's likely to stay the maximum 7 years (unless there's more to your question).

Sorry, but NOT true.

Per the FCRA:
§ 1681c. Requirements relating to information contained in consumer reports
(a) Information excluded from consumer reports
Except as authorized under subsection (b) of this section, no consumer reporting agency may make any consumer report containing any of the following items of information:
(1) Cases under title 11 or under the Bankruptcy Act that, from the date of entry of the order for relief or the date of adjudication, as the case may be, antedate the report by more than 10 years.
(2) Civil suits, civil judgments, and records of arrest that, from date of entry, antedate the report by more than seven years or until the governing statute of limitations has expired, whichever is the longer period.
(3) Paid tax liens which, from date of payment, antedate the report by more than seven years.
(4) Accounts placed for collection or charged to profit and loss which antedate the report by more than seven years.
(5) Any other adverse item of information, other than records of convictions of crimes which antedates the report by more than seven years.

So, with that... a judgment can remain on a credit report for the LONGER of seven years from the date of entry.... or until the SOL on the judgment has expired.

[JETX]

Originally Posted by Chien

With due respect, that's not correct. While records can "fall off" in a lesser period of time, the maximum FCRA record retention period for anything other than bankruptcies is 7 years. A bankruptcy can stay for 10 years.

NOT TRUE!!! As shown in my last post.

However, in states that allow a judgment to be renewed, the renewed judgment normally is given a new case number.

WRONG AGAIN!!!
A renewed or refreshed judgment retains the original style and number.

Hypothetically, that renewed judgment could then get a new listing and stay another 7 years.

WRONG again. See my post.

[Chien]

JETX - I can't argue with the statute and won't with you on the retention period. You're right and I'm wrong.

If you're right on the continuing number, I'll acknowledge that too. I know my renewed judgments in California carry the same number, but I honestly thought that I had this discussion with attorneys in two East Coast states, who forwarded judgments on re-located debtors that carried numbers changed to reflect the renewal year-eg. 96XXXX to 03XXXX (the XXXX being the unique idenifier) and told me that's how their states works. I'm going to look again. Do you know it's uniform in all states? I thought CA was the aberration.

[punkin]

Yahey, Jetx.
Yahey, Chien.
I thought the question was about how long a judgement can remain. California does indeed have many protections not enjoyed in some states, but in most states a judgement can be renewed again and again and again. Whether it is recorded with a credit reporting agency is irrelevant. The judgement in that case is still there and must be satisfied when the property is liquidated.

[JETX]

Originally Posted by punkin

The judgement in that case is still there and must be satisfied when the property is liquidated.

WRONG!!!
A judgment, in itself, has nothing to do with property or liquidation (which isn't even a part of this thread!!).

A few states have systems where the judgment is automatically recorded with the county registrar or clerk, becoming a lien on any property the debtor might own in that county. However, if the debtor owns property in another county, the judgment creditor must take action to record that judgment in those other counties.

And in those states that do NOT automatically lien (most states!), the judgment creditor must record the lien him/herself with the county clerk or registrar (usually by Abstract or FIFA).

[punkin]

if it has nothing to do with property then tell me how is it a judgement against property ? if there is a judgement against real property then that judgement must be satisfied before a clear title can be retrieved in order to refinance or sell.

[sbever]

In this particular case, the car was reposessed and sold at auction. The amount still owed to pay the note is what the judgement is for. Is there any recourse? It was a deceased spouses' car and with loss of that income there was no way to avoid it.

[JETX]

Originally Posted by punkin

if it has nothing to do with property then tell me how is it a judgement against property ?

HUH???
What are you smoking??
There is NOTHING (other than YOUR own post) in this thread to even suggest ANYTHING "against property".
The only question asked by the OP in the ONE post he/she made asks: "How long does it take for a judgement to drop off of a credit report?"

if there is a judgement against real property then that judgement must be satisfied before a clear title can be retrieved in order to refinance or sell.

What real property are you talking about?? And while showing your stupidity..... There is NO such thing as a 'judgment (correct spelling) against real property'!!!

[JETX]

Originally Posted by sbever

In this particular case, the car was reposessed and sold at auction. The amount still owed to pay the note is what the judgement is for. Is there any recourse?

For what against who???
Come on... this is NOT a '100 questions' game.