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CA will vacate judgement but...


mj11
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The settlement amount went up from $6500 for just settling to $9100 to completely vacate the judgement...I spoke to the attorney who got the judgement today and he said "that's a smoking deal." Is it worth it to have it vacated or should I just settle with his promise in writing to not report it? I have until the end of the month...next Friday. I can counter offer too but don't really know what the next step should be.

Nervous.....

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"...judgement...promise in writing not to report it..."

No one 'reports' a judgment, or any other legal item. Being a Public Record, judgments are kept at your local courthouse. Anyone can go in there and read the open books; hence the name "Public"...So his promise not to report is worth nothing.

Independant contractors scan PR departments at various courthouses and sell the info to data clearinghouses (secondary CRA's) like LexisNexis and ChoicePoint. Those companies then supply the CRA's. There is no choice involved in the process.

Having any legal item in this section of your CR will cause problems. PR's mean significant deductions to your score, even if the item is paid and shows it's proper disposition. Because a standing legal item often means that collateral may be at risk, obtaining any kind of secured credit becomes more difficult. Some legal items also cloud title to real property.

It's always in a consumer's best interest to prevent legal items from being granted, or 2nd best, to have them dismissed (vacated). It would cost you an arm and leg to live with the judgment on your CR for 7 years. You might as well pay up-front to have the thing vacated, as long as you can come up with the cash. My $.02.

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