What is the difference between an agreed judgment and default judgment and will both have equal impact on credit ratings?

Answer 1

There's no difference in how the judgment is entered on a credit report. An agreed judgment indicates the debtor(s) appeared in court but did not have a valid defense as to why the debt was not owed, therefore a judgment was entered against him or her. A default judgment indicates the debtor(s) did not appear in court thereby forfeiting the right to defend the suit, resulting in a default judgment being entered in favor of the plaintiff. The execution procedure of either type judgment is also the same.