Question:

I have a judgement on my credit report?

by Guest65124  |  earlier

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The judgement was on 12/18/2001. It is a substantial amount and I just can't pay it but since the company I owe has sold the business. Do I still have to pay this judgement? Who do I pay it to?

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4 ANSWERS


  1. Even if you do get this judgment removed from your credit file, that doesn't mean you won't have to pay.  Judgments are typically good for long periods and can be renewed.

    The judgment could be included in the sold business or the original owner could have kept it or they might sell it off to a collection agency to collect.  


  2. You technically still have to pay.  It should have gone to a credit collection agency in which the payment would be made out to them.  They would distribute to whoever the contact is.  Not that I am a fan of people not paying their obligations, but here is some advice.  This was seven years ago.  Find out what the statute of limitations is in your state.  Get your free credit report online.  You are entitled to do this once a year.  If this is over the statute of limitations in your state, write to all 3 agencies with a copy of your driver's license and a later stating that the item reported is over the statute and you are requesting that it be removed from your report.  They will then respond in writing and should remove it from your report.

    Added: by the way, forgot to mention.  The state is wherever the business was located, not necessarily the state you are in now, although they may be the same.

  3. That judgment is a matter of public record in the court's records. Matters of public record sometimes take 10 years to come off credit reports. Once a judgment is entered, that judgment is good for 10 years, sometimes less, sometimes more (depending on your state)and judgments CAN be renewed. The time a judgment is good for IS NOT THE SAME THING as the statute of limitations or time they have to file suit against you. They've already sued and won. Get a copy of the judgment. If you know who they sold the business to, then call the new company and make arrangements to pay this.

  4. There could be a couple things going on here.

    When the business was sold, it may have been sold with the business but just got lost in the shuffle. The judgement may not have been sold and the holder has forgot about it or does not have the time/resources to deal with it, or you may live in a state where the options for enforcing judgements are rather limited.

    Here is how I'd deal with it.

    This judgement will be falling off your credit report this December (7 years from the date entered) so you don't have much to worry about there. Also, most states have a statute of limitations on judge of 10 years, and many allow them to renew it. You might want to just lay low and go to the courthouse every once in awhile to see if they try to renew the judgement. YOU might get lucky and they'll fail to renew the judgement in time, letting you off the hook.  

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