Full question:
A rather large judgment entered in California from 1989 (renewed in 1999) has been recorded in my home state of NJ last week. Never knew about it, total surprise. This has never showed on any credit report and my credit scores with all three reporting agencies are outstanding. My concern is that it may NOW show on my credit report (20 years later) because of the event of the recording in my home state and satisfaction process in the near future. Is there a method (perhaps an agreement to actually VACATE the judgment as part of the settlement) during the settlement negotiations with the judgment creditor to eliminate the possibility of this showing up at all on my credit report?
- Category: Debts and Credit
- Subcategory: Credit Repair
- Date:
- State: New Jersey
Answer:
When a judgment is filed against a person, it may either be disputed the or the judgment can be satidfied. A person may petition for a Motion to Satisfy Judgement, which will show that the judgement was satisfied within the negative entry in your credit report. It will remain in your Credit Report (showing satisfied) for 7 years as allowed by law.
A disputed debt entry on a credit report may be disputed as incorrect. Under The Fair Credit Reporting Act, the information provider is required to investigate and report the results to the CRA. If the information is found to be incorrect, it must notify all nationwide CRAs to correct your file. If the investigation does not solve your dispute, ask that your statement concerning the dispute be included in your file. A notice of your dispute must be included anytime the CRA reports the negative item.
The clerk will enter a Satisfaction of Judgment in the court record. This means you have paid your judgment. The clerk’s office will also notify the Judgment Creditor that you have paid. Remember to update your credit report.
To update your credit report and show the debt as paid, do the following:
-Get 3 certified copies of the Acknowledgment of Satisfaction of Judgment from the clerk’s office.
Pay the fee.
-Mail a certified copy to each of the three major credit-reporting agencies: Equifax, Experian, and TransUnion.
This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.
