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Bad credit with unpaid judgements

Wed Apr 30, 2008 04:04PM | By Tony

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Q: How long do unpaid judgements remain on the three major credit reporting agencies files? How bad my credit scores will be affected?

A: Unpaid judgements are straight way to the bad credit, well I'd say to the credit hell. How do you like that one? Of course, the older the judgment becomes, the less affect it has on the credit score, but the initial impact is so negative, your credit will be bad for years to come. Unpaid judgments stay normally for 7 years or until the governing statute of limitations has expired, whichever is longer. State statute of limitations for judgments range from 4 years in Pennsylvania to 21 years in Ohio, and have no limit in Delaware. But and this is a huge 'but', unpaid judgements in very many cases are renewed one or more times.

Pay them if you can. Paid judgments can report for 7 years from the initial filing date. So as long as the original filing date is at least 7 years old, a judgment should drop from your credit report once paid almost instantaneously. According to FTC Official Staff Commentary § 605(a)(2): "Paid judgments cannot be reported for more than seven years after the judgment was entered, because payment of the judgment eliminates any "governing statute of limitations'' under this subsection that might otherwise lengthen the period."

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