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Is there any advantage to paying off an old debt judgment if it is nearing the seven-year mark?


Absolutely, and not just as a matter of conscience. After seven years, credit reporting agencies are supposed to stop listing the judgment, so it should no longer affect your ability to get credit. The judgment does not go away, however. Some court said that you owe this money, and that remains the case whether it’s reported to potential lenders or not. The creditor to whom you owe the money can still apply to a court to garnish your wages or to obtain his rightful chunk of the proceeds if you sell your home or other property. As a practical matter, however, it’s unlikely that someone will come calling after all this time, so you’re probably off the hook.


-Conrad de Aenlle