Ok, so let me get to the point of why I would devote one blog post to this subject. If you have collections on your credit report that show a balance even though you have paid them off, they are obviously hurting your credit profile. On top of that, if you have collections on your credit report that you have paid off and they show no balance they often report with a bad ‘rating’.
You really cannot begin to repair or improve your credit until you know exactly where you are at with your credit. You need to know what is on your credit report. Frankly, I believe you should look at your credit report frequently. Enrolling in credit monitoring is a good thing. Yes, it is one of those ‘new’ expenses that was not around 10 years ago (similar to ID theft protection), but it really is something that will help you financially especially if you have bad debts or collections or overall credit problems.
If you have a judgment against you, you already know how much this limits you. Perhaps your pay check is being garnished or you cannot get a mortgage or refinance your house. Once a judgment is filed, you are pretty stuck. The only way I know of that you can get out of paying the judgment is to file bankruptcy or fight it again in court (but you might lose). If the judgment is small enough (and only you can know this based on your income) then you probably just need to bite the bullet and pay it off as fast as you can. If the judgment is really large and you know you will not be able to pay and survive, you need to look at bankruptcy.
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