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Judgment Advice


fixerupper
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Received a copy of DH's credit report (all three agencies) and saw that he has a judgment from 4/2001 from a$$. I have finally tracked down how this account went through the paces. I know that the original acct was a Radio Shack acct from 1991, it was sold to Capital One 4/2000, who transferred it to Collins Financial (whom we've never heard of and are not on our credit report), who transferred it to Asset Acceptance, who filed the judgment. My questions are: In reading the info on the website, Asset Acceptance could not file the judgment because they don't own the debt, right? And do we have any recourse? When we refinanced our home in 2000, we sent $600 to Radio Shack, from a settlement offer we received (oh to know then what I know now!), and Radio Shack has no record of the payment, so I am investigating that, but my big question is - can we fight this judgment and win? My second question is if you have record of a judgment or a transfer do the previous creditors have to take the negative info off your credit report? The gal I spoke with at Radio Shack said that the original account should no longer even be listed on my DH's credit report, since it was sold.

I'm still a newbie to this and have been focusing on getting my stuff cleaned up, but I want to tackle his as well, since that will put us both in a better position.

Thank the stars above for this website! It has been most helpful, I'm finding that we seem to all have problems with the same companies, for the most part and your suggestions have helped me in tackling the big issues!

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I'll offer what I "think" I know and then let the veterans step in and add to it.

With a debt going back to 1991 the statute of limitations should have run (if the last payment was made in 1991) by the time of your 2000 refinance. Was the account opened in 1991 and payments were made during the time between 1991 and 2000, when you made your last payment? Normally, if you made a payment in 2000 that would reset the CRA's 7-year clock for reporting, but you're saying that this payment doesn't appear on your credit report?

Unfortunately, the person you spoke with at Radio Shack was wrong in telling you that the company that bought your account doesn't have the right to report the account. Once they purchased the account they have the right to collect on it and report it to the CRAs, just as the OC (Radio Shack) did before they sold it.

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