Judgments:
A judgment is a formal decision given by a court; an obligation (as a debt) created by the decree of a court: a certificate evidencing such a decree. Civil suits, civil judgments, and records of arrest that from date of entry, antedate the report by more than seven years or until the governing statute of limitation has expired, whichever is the longer period.
Judgments are one of the most derogatory items that can appear on a credit report. Although there are exceptions to the rule, judgments are commonly of a high dollar amount and generally result from a charged off account. If a collection agency is unable to collect an unpaid debt, they will often times take legal action and attempt to have a judgment placed on the consumers credit report in order to increase the probability they will be able to collect that debt. Judgments are listed on a credit report in the public record section and are commonly for the full length of time allowed by the statute of limitations by the three major credit reporting agencies: Equifax, Experian and TransUnion.
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