What Is The Difference in Judgment Record on Business and Personal Credit report

There is a small difference in the way federal court judgments are reported on a personal credit report and on a business credit report. In a personal credit report, the judgment will stay for a period of 7 years from the date of filing. This is regardless of when and whether the consumer satisfies the judgment by making the payment or not. If paid the status of the judgment in the report will be changed to state that the judgment has been satisfied and the debt has been paid

On a business credit report a court judgment will stay for a period of seven years. But when it is paid, the status of the judgment will be changed to reflect that it was changed and will stay on the business credit report for another 5 years.

Leave a Reply