Question:
what sould i do,,pay for it or just wait for another 2 years for it to comes off my credit report? im planing to buy a house with in 3 months. need some good advices.. thank you so much.
Answers:
You probably won't be able to get a mortgage with an unpaid judgment on your credit report. If you pay it, you might be able to get the mortgage, but of course that hurts your credit report for longer (though it will increase your credit score somewhat right away). Personally, I wouldn't want an unpaid debt and would seek to pay it back.
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Yes it will affect your credit rating. This will show as a negative item on your report.
You need to pay it off. It will not just disappear after 7 years, a judgment stays on for 15 years, and it won't just fall off then either...it can be reassigned so it will show up for another 15 years.
Everything you do in life reflects on your credit report. In one way or another the credit companies find out about everything you do. Your best bet is to pay them off but this doesn't mean your credit rating will be good. That depends on how far behind you are . You probably won't get your house if your rating is bad. Just pay them and wait awhile before buying a house. Try to rebuild your credit slowly.
You misunderstand one thing. A negative item, ONCE PAID OFF, is removed from the report after 7 years. If it's not paid off, and remains active it remains on the credit report forever. A creditor only needs to reaffirm it once every seven years to keep it active.
If you file for bankruptcy, then everything is wiped, but the bankruptcy is reported for 10 years.
Wow, I sure do get tired of these terrible answers.
SCH...I'm aware you are in the collection business...and I'm becoming convinced that you are one of the scummier ones. You obviously still do not understand the FCRA, even after I've posted this same answer dozens of times.
Mountain Top,,,you are running a close second.
Negative items can NOT be reported more then 7 years, beginning from the date of the delinquency. It makes no difference if they are paid off not. FCRA 605(c)(1)
Judgments can only be reported for 7 years, and creditors can NOT reaffirm the reporting period. They can still collect on those debts, but we are referring to credit reporting.
OK, now that I got that off my chest...
Once you are hit with a judgment it comes very messy. Mortgage lenders are worried about having liens placed on their property, and will demand that you pay the judgments off. If not, consider yourself lucky.
Judgments stay in effect for far longer then the credit reporting period, so you can't use that as a dodge.
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