old judgement no contact ever

[Shad626]

I was hit with a judgement in 12/2002 by a lawfirm acting for sears. I have a copy of the signed payment agreement but i have never made a payment and have had no contact or attempted contact by this law firm. The 7 yr reporting time is up in 12/09, i can wait it out but my question is. what is the likelyhood of the law firm renewing the judgement if they have never tried to collect on this judgement before, and will the cb remove it after 7 years if it is not paid?

[unusualsuspect]

Well it depends on which state you are in...some states your judgment is good for up to 20 years and may even be renewed for another term.

You are correct that a judgment is only reported for 7 years on your credit report.

If no one has contacted you or made any attempt to collect, then I wouldn't bother with it. Over 80% of judgments rendered are never collected on. Consider yourself lucky.

[Shad626]

i'm sorry i'm in Ga. Thanks, i was unsure of the possibility of them renewing it on my report. do morgage companys check records if it is not on your report?

[nascar]

i'm sorry i'm in Ga. Thanks, i was unsure of the possibility of them renewing it on my report. do morgage companys check records if it is not on your report?

If they're doing their job, whoever is running checks for the mortgage company will check public records and will likely find the judgment.

Regarding the judgment, I think it's good for 7 years if not renewed. It may still show up on your credit report for up to 10 years, and when calculating the time frame with respect to the renewal period, make sure you start with the date the judgement was issued. Looks like you're almost home, don't rock the boat.

[unusualsuspect]

Agreed - don't rock the boat!