Curious - SOL

[wnguyen]

I'm just wondering if judgments have SOL or only debts have SOL?

[tyson24]

Do you mean like how long will a judgment be good for? They can only collect on judgments in MN for 10 years and then I think they have to renew it. Although, if you are talking about falling off your report, they do not. I have had the same one on mine since 1994. Is not coming off. I am considering paying to have it removed (motion) once my BK is done, along with the other 2 we just got.

[df04527]

EVERYTHING on your credit report has a "reporting" statute of limitations. Quite different than "legal" statutue of limitiations -- but that's not your question.

Best way to remember is the 80/20 rule. 80% use the 7 year reporting SOL.

Good accounts, negative accounts, inquiries, etc. Everything has a timeline that it will report.

[tyson24]

Okay, so after reading the previous post, I do have to say that the judgment from 94' does not show on my credit report. Only in public records. Still a pain though, since I filed on that debt in 1998. Still going to pay to have it removed from public record.

[wnguyen]

Tyson and df04527

Sorry I wasn't clear with the question but both of your input had more than I expected. Thanks.

I should ask it this way: does a judgment have some limit in time for the creditor to collect, and how long should that be on your report?

As far as I know, judgments in MN have up to 10 years and they can be renewed twice for a total of 30 years but can judgments be enforceable once their SOL, if any, run out?

Tyson, when you filed in 1998, didn't you file to vacate the judgment or even if you file the motion to vacate it, it's still on your record? If you included in your 1998 filing, then why would you consider paying it? As far as public record concerns, I don't care anymore once I file bk, just need it to be knocked off of my credit report.

[HHM]

The timeline to collect judgments is state specific. Even if there is an initial limit (10 years), most states provide for a process to renew judgments indefinitely.

Keep in mind, a Statute of Limitations applies to how long a person has to FILE SUIT and get a JUDGMENT. Once they have the judgment, the SOL no longer applies.

[df04527]

I know Florida's judgments can go for 20 years! Also there is nothing (to my knowledge) that goes ON your credit report regarding collections for that judgment. Not exactly sure if that is what you are asking though.