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The "starting date" of the judgment is the date the court rules on it and it is filed as decided. However, if the collection limit expires before the court rules on the account, the court may--if they are made aware of the fact--rule in favor of the debtor. Keep in mind that prejudgment, this limit is seven years from the date of last payment.
== == A judgment will remain on a credit report for the full 10 years. If it is paid it will still show on the report as "satisfied" or similar wording. The time is determined by the date the judgment is issued.
Once the judgment has been entered into the public records portion of a credit report it will remain for the required amount of time generally 7 years. If the judgment is renewed it can remain indefinitely. Negative information placed on a CR cannot be expunged until the required time limit has expired.
Generally, judgments stay on your credit report for seven years from the date they were filed. This timeline is determined by the Fair Credit Reporting Act. After seven years, the judgment should automatically be removed from your credit report, regardless of the status.
Each state is different. You may be able to file extensions or you may have a time limit to sue or "perfect" the lien. Once you sue, it would then become a judgment for the amount of the lien plus attorney costs and would be filed against the person, preventing them from buying or selling anything. A lien only prevents activity on the property on which it was filed.
The aggregate limit can be higher than the per occurrence limit of the policy, thus providing additional coverage should multiple claims be filed against the insured.
I think that judgements are not your usual debt with a time limit. It means that the company went to court and won. To make this go away, the simplest thing to do would be to pay up.
Your insurance co will cover damages up to the policy limit. If there is excess, you may be suit in civil court for the remaining amount. Once a judgment against you is obtained, you have to pay it.
Federal judgments are generally valid for ten years from the date they are docketed.
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