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What happens when you have a judgment but it doesn't show up on credit reports?
Wiki User
∙ 12y ago
Nothing until that judgment hits the credit report.
Many municipalities where civil judgments are given take a great deal of time to report the judgment to the credit bureaus. However, the lender has been reporting the progress throughout the process, so there will be negative information on the credit report associated with the judgment even if that judgment has not yet been recorded.
Due to the recent credit-related legislation, existing creditors will not be able to change their pricing or ask you to pay off everything that you own as a result of the judgment appearing on your credit report.
But, if you seek and get credit but the judgment was shown to have occurred prior to being granted that credit and the lender can show that they would not have given you credit had they known about the judgment, the lender IS allowed to seek full payment immediately, regardless of the type of credit or length of contract.
The best advice is to avoid applying for big-ticket loans (specifically mortgages, auto loans and personal loans) until the judgment has been on your record for two (2) years. After two (2) years, the negative impact of that judgment will lighten (assuming you make all of your payments to other creditors on time) and you may qualify for large loans again.
Wiki User
∙ 12y ago
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