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jraym

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I had a court judgement in 2008
and I was thinking of trying to settle with the debt collection company to get it off my credit report, but according to some of the answers on here, it seems that it will stay on my credit report for 7 years even after it's paid. Why bother paying them if they don't release the judgement and remove it from my credit report? I was told that the judgement is valid for 10 years after the filing date and can be renewed by the collection agency if they choose. Would I be better off using the money to file for bancruptcy instead? I can't buy a car or property until this judgement is settled.

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Don't go bankruptcy because that will kill your credit for 10 more years.  A judgement is issued after a creditor goes to court to get a collection enforced (something wasn't being paid regularly) and such legal action does remain on the credit report for up to 10 years with the option of renewal (creditor's option).  Depending on the rules in your state, this renewal could go on indefinitely.

So, my recommendation is to work on getting this paid off as quickly as possible and make regular payments on all other accounts you may have so you can get a decent credit score.  Please read the articles here because teaching about credit is the purpose of Credit Karma

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