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About sheam

  • Birthday 10/13/1988

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  1. Found it: NY GEN BUS § 380-j. Prohibited information (f)(1) Except as authorized under paragraph two of this subdivision, no consumer reporting agency may make any consumer report containing any of the following items of information. (i) bankruptcies which, from date of adjudication of the most recent bankruptcy, antedate the report by more than fourteen years; (ii) judgements which, from date of entry, antedate the report by more than seven years or until the governing statute of limitations has expired, whichever is the longer period;  or judgments which, from date of entry, having been satisfied within a five year period from such entry date, shall be removed from the report five years after such entry date; (iii) paid tax liens which, from date of payment, antedate the report by more than seven years or, a paid, satisfied or vacated tax lien involving a purchaser, transferee or assignee in a bulk sale transaction who has been deemed liable by the state tax commission for sales taxes due from a seller, transferrer or assignor under subdivision (c) of section eleven hundred forty-one of the tax law , where the receipt by a credit reporting agency from such purchaser, transferee or assignee of a notice, or true copy thereof, from the state tax commission to such purchaser, transferee or assignee that his liability has been wholly paid or satisfied or no longer exists, antedates the report by more than thirty days; (iv) accounts placed for collection or charged to profit and loss which antedate the report by more than seven years;  or accounts placed for collection or charged to profit and loss, which have been paid and which antedate the report by more than five years; (v) records of conviction of crime which, from date of disposition, release, or parole, antedate the report by more than seven years; (vi) information regarding drug or alcoholic addiction where the last reported incident relating to such addiction antedates the consumer report or investigative consumer report by more than seven years; (vii) information relating to past confinement in a mental institution where the date of last confinement antedates the report by more than seven years;  or (viii) any other adverse information which antedates the report by more than seven years.
  2. Special note for NY regarding reporting: reporting period is 5 years (+6 mos) for satisfied/PAID debts (there may be some exceptions like tax delinquencies or bankruptcy, I just don’t have those details in front of me).
  3. I don’t think so. It would still remain on reports for 5-7 years, but an action/lawsuit won’t be able to be brought against the debtor after 3 years from date of last activity**. to be fair, I only looked at the highlights in the Press Release and haven’t checked the details…. **Regarding the DaTe of Last Activity, I think I saw something in the text of the bill that said new activity would NOT toll the period for bringing an action but I have to double check that when I get a chance because that seems inconsistent with most practice toward DOLA.
  4. https://www.nysenate.gov/newsroom/press-releases/kevin-thomas/governor-hochul-signs-consumer-credit-fairness-act-law The Consumer Credit Fairness Act (CCFA) strengthens consumer protections in debt collection proceedings by: Requiring a notice to be mailed to the defendants in consumer credit actions by the clerk of the court, ensuring that defendants are given notice of the lawsuit; Requiring court filings to include more information about the debt targeted in a lawsuit, such as identifying the debt or account and providing proof that the debt is owed to the plaintiff; Lowering the statute of limitations for consumer credit transactions from six years to three years, compelling creditors to file claims in a timely manner and protecting consumers from excessive interest charges and late fees; Establishing specific requirements for applications for default judgments in consumer credit actions to prevent debt buyers from suing on expired debt.
  5. If I can settle for 40% or less, I'd like to try. If I end up getting sued, I'll probably pull the trigger on the BK7 instead. I'm out of SOL in about three months. I can try to hold off until then. My income was fine at the time of application. I have since lost a majority of that income through a layoff and my spouse becoming disabled. We take home about $45k less now than we did when I opened the accounts. Even the JDBs are saying they can't go lower than [30% reduction]. I'm just not getting it. I'm willing to talk, but what do I need to do to get them to understand I can't afford to settle at that amount?
  6. I'm starting to work toward settling old debt. Only Chase has sent me decent settlement offers around 30-40%. I feel like I keep seeing things about people settling around 20-30%. How? For the ones that are still calling me, they say "the lowest I can go is [70% of balance]." The SOL will be up on most of this debt in a few months. I've mentioned discussing BK7 with an attorney. Was that a bad idea? What am I doing wrong? What magic words do I need to say in order to get them to consider a settlement less than 40%? Please help.
  7. My spouse became disabled circa 2013. He did not qualify for SSD. By 2017, I could no longer keep up with CC payments and just walked away. After a few strategic career moves, I'm in a place where I might be able to begin settling some debt. My goal is to buy a house sometime in the next 2 years. I'm wondering what my plan of attack should be. Chase: ~11k Discover: ~2k BofA: ~3.5k USAA: ~20k Collections (Midland and Portfolio Recovery): ~7.5k I'm in NY where the SOL is 6 years, but my understanding is that our borrowing statute means the SOL of the lender applies. If this is correct, I'll be out of SOL this year on everything except USAA (next year). I probably should have filed BK7 back in 2017, but I didn't. Now, I'm concerned about it affecting my employment. I know I shouldn't be, but I work in public finance and feel that a public record like this would reflect very negatively on me. My specific employer isn't the most understanding, ethical employer, but I'm making $20k more than I was two years ago, so there's that. Also, I'm hoping to buy through FHA or SONYMA and I read that I'd have to wait three years to buy after discharge. I'd prefer to settle if it means I can buy sooner. I'm hoping that I can settle many of these around 30-40%. Is this realistic? Are any of these lenders known for being unwilling to settle for that little? I can settle almost all but USAA this year. USAA might need to wait another year, but I'm afraid if they see me settling with the others, they'll sue before the SOL expires next year. Does anyone know what settling with USAA is like or what I should expect? Should I wait to start settling until next year so I don't trigger a lawsuit from USAA? I'm also of the understanding that in NY, settled debt must be removed from a credit report after 5 years. By this logic, if I settle, my report will be clean in 2 years. Is that right? Is that worth settling instead of filing BK7? Also, is removal from DOFD or date of charge off? I've seen some things say it's 6 months after last payment. Thank you all for your help!
  8. Yes, this is the USAA Credit Check Monitoring. I received it today as well.
  9. I disputed with TU through CFPB on Feb 24 and had received a response by Mar 6, so about two weeks. TU didn't really address the issue in their response to the complaint and the CFPB only views getting them to respond as their job. However, when reviewing TU's response, there was an option to give feedback to their response. I did and TU ended up addressing the issue at that point, though CFPB was no longer involved.
  10. Pinnacle likes to hire collection agencies to collect for them. They likely own the account but are outsourcing to Northland Group. If you still have the letter from Northland, check it. It should mention Pinnacle. If not, DV them both.
  11. Thank you, everyone, for your help! Unfortunately, I think this means TU will be keeping this on here for another year. Ugh.
  12. I had a balance, which went to collections, and I paid it off.
  13. How would I go about disputing this with Transunion? I tried getting them to remove it recently and they refuse to because a "repossession is not a collection or charge-off." They just barely updated the balance to 0 after two years of fighting with them, calling the original creditor, AND providing them with the PIF letter that I received from the creditor. I've started getting transferred to their Special Handling department. I just want this TL gone.
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