A judgement is the legal decision of a court at the end of a lawsuit. It can be placed on consumer’s credit report by a creditor or collection agency through a court’s public record. A judgment is usually filed when a creditor or collection agency were not successful in collecting the debt and filed a lawsuit to recover the debt. A judgment significantly lowers the credit score and may also prevent consumers from getting approved for a home or auto loan.
A Judgment may appear on a credit report for seven years from the date the judgment was entered or until the statute of limitations has expired, whichever is longer. It is not uncommon to see a judgement reporting for 10-15 years, or even longer, on a consumer’s credit report. Judgments are often illegally re-aged once paid and the FCRA compliance date moved to start counting the seven-year rule from the date it was satisfied instead of filed
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