How long does a credit card court awarded judgement stay around?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
How long does a credit card court awarded judgement stay around?
Court awarded financial judgement from 6 or 7 years ago. I made a few payments to creditor however have not for the last 5 years (I last heard from creditor at that time as well). So no restitution has been made in 5 years but it is still on my credit file as I recently pulled it; it says will remain for the 18 nor so months. What happens at that time? Does it just go away and off my report? What are my options concerning this judgement?
Asked on August 30, 2011 Missouri
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
In most states in this country, a judgment is good for ten (10) years and can be renewed before that time otherwise it expires. A judgment accrues interest at ten percent (10%) per annum on the unpaid balance.
Until the judgment is deemed satisfied in full or if the time period for its life passes and it is not renewed, it remains as a liability against the judgment creditor.
A credit report is different than a judgment in that it is a score of a person's credit history and rating. Since the judgment creditor has not been pursuing you regarding the judgment, there is a good chance that it will fall off your credit report in a year and a half due to inactivity for collection purposes.
Your options concerning this judgment is to start paying on it or ignore it.
Good question.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.