Judgement
What does it mean
A Judgment is a court order issued when a creditor wins a lawsuit. It provides creditors with extra tools to collect debts from the debtor.
Why does it matter
When borrowers fail to repay debts, a judgment becomes a valuable tool for bankers to collect what is owed. Once awarded, creditors gain access to more debt collection methods like wage garnishment or placing liens on real property. It's crucial to note that judgments will be listed on the borrower's credit report.
Other Relevant Terms
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A bit about me
Greetings! I'm Clay Sharkey, and there is nothing I like more than assisting others in achieving their goals. I firmly believe that by enhancing a banker's understanding of their customer's' business, they can provide superior service. This superior service, in turn, leads to stronger relationships for the bank, improved performance for the businesses, and better experiences for our communities. Win-win-win.
