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If a judgment goes against you, then you'll have to pay off the debts. You'll be provided a payment plan to help you repay the debt. However, if you are unable to make the debt payments, then your creditor may ask the court to garnish your wages or impose a judgment lien on your property. Once the judgment is paid, it will be reported on your credit report as "Paid Judgment".
A judgment has a negative impact on your credit score. Your credit score can go down by several points. Apart from that, a judgment gets reported on your credit report. A judgment remains on your credit report for 7 years or until it has been repaid whichever is shorter. Therefore, you should try your best to avoid getting a judgment against you.
What can you do if you get a judgment against you?
If that is so, then there is nothing much you can do. If a judgement goes against you then they will come up with a payment plan. But if you fail to comply with that then in such a case any of the following can take place, depending on the law of the State you live in: -
Garnishment of your wage
Lien of your properties
Levies on your bank account
A judgment against you can affect your credit score very badly and will remain in it for approximately 7 years.
Sub: #1 posted on Fri, 05/23/2008 - 04:50
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Sub: #2 posted on Fri, 05/23/2008 - 06:17
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Sub: #3 posted on Sun, 04/26/2009 - 06:46
Someone correct me if I'm wrong on this, but I think that's what's likely to happen. At least they updated it to paid - a paid judgement still doesn't look great on your report, but it looks a whole lot better than an unpaid one.
I recently had to do major battle with one creditor from over 10 years ago who insisted that their judgement was still valid, even though I had been through a bankruptcy that discharged it. It's finally been removed from all three credit reports, but it took me over a year to get it done. I just kept disputing it.
Sub: #4 posted on Sun, 04/26/2009 - 07:57
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Experian is probably just being careful, and will likely put it back on your credit report after the 45 day investigation period.
All 3 need to report it as a Paid Judgment.
Sub: #5 posted on Mon, 04/27/2009 - 00:19
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Sub: #6 posted on Wed, 05/06/2009 - 20:09
Sub: #7 posted on Wed, 05/06/2009 - 22:11
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Sub: #8 posted on Thu, 07/02/2009 - 16:41
Sub: #9 posted on Thu, 07/02/2009 - 16:48
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Sub: #10 posted on Fri, 07/03/2009 - 22:04