Your question concerns two separate issues. A judgment is a legal action that is shown in the "public records" portion of your credit. Any legal item needs its' proper disposition. In the case of a judgment, the disposition is a "satisfaction of judgment". To obtain a satisfaction, the consumer would need to contact the courthouse (same jurisdiction) where the judgment was filed, show proof of payment and follow whatever legal procedure needed. The consumer would then need to have this satisfaction recorded. It is also a good idea to forward a recorded copy to the credit bureaus. An open debt in the tradelines, need to be updated to its' paid status, separate from the judgment.
The allowance for doubtful accounts is a reduction to the accounts receivable. This is a contra account, similar to accumulated depreciation.
Get a copy of your credit report from all three bureaus. You can get a free copy each year. This report will tell you all of the collection accounts that are currently reported, and to which of the credit bureaus they are being reported to.
Accounts receivable also known as Debtors, is the money owed to a business by its clients (customers) and reported as an asset in balance sheet.
Accounts receivables would be included in the balance sheet. The income statement reports revenues and expenses. Accounts receivables is an asset account and all the asset, liablities and equity accounts are reported on the balance sheet.
Open Account - account listed as "open" on your credit report are accounts that are open, includes all accounts that have been reported within the last 90 days.
county
A judgment is granted to the victor in a court case and would only be reported against the defendant after it is granted. So the suit itself is never reported until a conclusion is declared by the court.
A judgment is collectible until it is paid. There is not statute of limitations on a judgment. It is best to pay it off so it is reported as satisfied.
The allowance for doubtful accounts is a reduction to the accounts receivable. This is a contra account, similar to accumulated depreciation.
No. Only the accounts that have been reported show up in the system.
You can't do either. The judgment will remain until the expiration date. The judgment even if paid will remain for seven (7) years.
Offshore saving accounts of US citizen are affected. The balance and income of those accounts are reported to IRS for tax purpose
You pay the collection agency.
Yes a judgement can be reported to more than one credit bureau and is usually reported to the three major credit bureaus (equifax, tranunion & experian)
Get a copy of your credit report from all three bureaus. You can get a free copy each year. This report will tell you all of the collection accounts that are currently reported, and to which of the credit bureaus they are being reported to.
Accounts receivable shown in balance sheet at assets side under current assets section.
If the judgment was reported to the credit bureaus, the tenant needs to pay it, get the judgment amended to zero by the court, and send that to the credit bureaus. However, the fact that there was a case can never be erased.