Topic: Tradeline reporting after judgment

[blondie]

If an OC is successful in getting a judgment in court, is it appropriate for them to continue updating the tradeline with a higher balance each month?

Do you have any suggestions for how one could proceed in increasing the credit score?  My original strategy was to negotiate to have the tradeline removed, but I haven't had any success thusfar.  The only reason I would consider settling at this time is because the TL is updated as a late pay with an increased balance each month.  It was charged off in 2008.   

There are roughly 4 years remaining on the original SOL.  The judgments came through last year, and I am unsure if that resets the SOL. 

Any advice is greatly appreciated.

[nobk4me]

After a judgment, the balance can continue to increase, but only at the statutory rate for a judgment.

Which is typically 10% or less, not the 29.9% the creditor was charging before they filed suit.

[Fighting Irish]

Judgments have their own SOLs, which begin when the judgment is granted.

In most states, it's 10 years, renewable for another ten.

[blondie]

What is an effective way to figure out if the amount they're adding each month is within the 10%?  Should I be receiving any statements?

Also, the judgment was granted, but it is not reporting to my credit report.  Should I tread lightly because of that?

Could I possibly have success getting it removed with a 623 dispute.  There are minor differences in the reporting across the three bureaus.

[Fighting Irish]

Look at the amount on the court document, for what the specific amount of the judgment was.

There are amortization tables on the internet, where you can put in an amount, the amount that is being paid monthly, and the percentage of interest charged.

You will then get a table showing what the total amount owed should be, month on month.

Don't go by the 10%, necessarily. Check with your state for the actual amount that they allow to accrue on judgments.

If you haven't paid anything, of course, 10%/year is easy.

On a $1000 judgment, after a year, it would have grown to $1100, etc.

[blondie]

Thanks, Fighting Irish, that gives me a good place to start.