Originally posted by: RightIsWrong
They do have the option of trying to get a judgment against you but that is only good for ten years from the date of judgment. .
Decent post until that line
Judgments will depend on state. And, in most states (perhaps all?) a creditor can have a judgment renewed by the court, thus resetting that clock. This means judgments are indefinite - both in terms of enforcement by the courts, and sticking on your credit report.
Basically, a judgment can be forever until you pay it or otherwise discharge it, if your creditor wants to continue attempting to collect. You are of course correct that it stays on your credit report for up to 10 years (most states I believe use this length of time) from either the date the judgment was entered, or the date it was renewed. If it is not renewed, it will both become noncollectable due to statute of limitations (however, some states allow a creditor to "resurrect" past judgments, iirc), and at that time unreportable by the credit agencies.
Long story short: Don't let anyone get a judgment against you. Even if you pay it that day in court - settle it if you know you cannot win, or if you have a decent chance losing a case you may feel you are in the right on. A paid judgment is nearly as bad as an unpaid one, in terms of the effect it has on your credit score. Also remember judgments mean you get to deal with fun things like wage garnishment, forced asset sales, lien's, etc. If you want to play that game, you better be damned sure you're judgment proof In most states this means not owning a car worth more than a few thousand dollars, no bank accounts, verifiable employment, etc.
The poster about the FDCPA cases has some excellent advice as well. If junk debt a-holes are re-aging your debts on your reports, you just made yourself some money if you start to enforce your rights under federal law. Please do so! They only play these dirty games because it's cheaper to settle the FDCPA claims for the 1 out of 1000 (if even that) folks that sue them. Easy money at the moment, until (if) more people start taking them to court over these practices.
-Phil