I had a auto loan in which the car was wrecked a month after I got it thanks to the hubby in Tennessee. The car had no insurance on it to cover it when it was totaled so I was sued when I didn’t continue to make payments and they won by default cause I didn’t show cause and it was in a different state. So they kept continuing to try to collect on the judgment in which it has also accumulated interest over the years and now it has been almost 6 years.
I wanted to know if it will delete off my credit file or not. Transunion states the estimated deletion date is in 2013. So will it delete then or will it still be on my credit til paid off since it is a judgment? There is no way possible that I could afford to pay this at all, but am worried it will haunt me forever. So will it go away on it’s own or will it be there indefinitely until it is paid? If I will have to pay it, what would be a good % point to open a negotiation to settle something like this? Also since it is as old as it is, does it really affect my credit or does it impact my score badly since it is a judgment?”
It is my understanding that a public record entry can remain on your credit report longer than seven years. Of course even if it was removed from the credit report does not mean it may not be collectible.
If you credit score is low at this point I would think it would be less related to the very old judgment and more related to the length of time and number of open accounts that are reporting positive information. Recent good credit can go a long way towards improving your credit score.
See this free online guide on how to improve your credit. It’s such a simple process and one you can easily do yourself.
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