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New York Reporting Times

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I've been helping my son with his credit repair. He has a few small charge offs that we have had no luck getting deleted. These accounts aren't scheduled to drop off until early 2010. He is going to New York in September for a one year job assignment. If we pay these accounts now, they will drop off shortly after he moves because of New York's five year reporting rule. What happens after he comes back from New York?

Do these accounts stay off his reports?

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I've been helping my son with his credit repair. He has a few small charge offs that we have had no luck getting deleted. These accounts aren't scheduled to drop off until early 2010. He is going to New York in September for a one year job assignment. If we pay these accounts now, they will drop off shortly after he moves because of New York's five year reporting rule. What happens after he comes back from New York?

Do these accounts stay off his reports?

 

 

New York does not have a 5 year reporting rule. We do however have a 6 year SOL (Statute of Limitations).

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If we pay these accounts now, they will drop off shortly after he moves because of New York's five year reporting rule.

 

I don't know about New York's law specifically, but I have handled a few of these cases (in another state), and if you pay them now, the date of last activity will be, for example, 04/2007. That being the case, they may (and likely will) opt to report them for the five year period from that date. People should be very careful about paying without negotiating the way the item is to be reported (and get any agreement in writing).

Edited by TX_Aggie_07

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It's the NYS FCRA. The accounts will be deleted after you pay the chargeoffs since the 5 yrs have passed. I've used this argument with Equifax before and also did so in court against Experian. You have to put up a little fight though b/c the CRAs like to mainly follow the FCRA.

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If we pay these accounts now, they will drop off shortly after he moves because of New York's five year reporting rule.

 

I don't know about New York's law specifically, but I have handled a few of these cases (in another state), and if you pay them now, the date of last activity will be, for example, 04/2007. That being the case, they may (and likely will) opt to report them for the five year period from that date. People should be very careful about paying without negotiating the way the item is to be reported (and get any agreement in writing).

 

Where did that come from? Paying on a charged off acct or collection acct NEVER changes the reporting time.That would be increasing the 7 year period by 2 years. No can do.

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New York does not have a 5 year reporting rule. We do however have a 6 year SOL (Statute of Limitations).

 

Yes, we do. I'm looking right at it. If you would like to see it you can look at the NYState Legislature website. http://public.leginfo.state.ny.us/menuf.cgi Search 'Laws of New York'. Look at the General Business section 'GBS'. Article 25 Fair Credit Reporting Act § 380-j (f) (1).

 

(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 © 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;

 

(Emphasis is mine)

 

It's pretty clear. Chargeoffs are reported for five years if paid.

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New York does not have a 5 year reporting rule. We do however have a 6 year SOL (Statute of Limitations).

 

Yes, we do. I'm looking right at it. If you would like to see it you can look at the NYState Legislature website. http://public.leginfo.state.ny.us/menuf.cgi Search 'Laws of New York'. Look at the General Business section 'GBS'. Article 25 Fair Credit Reporting Act § 380-j (f) (1).

 

(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 © 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;

 

(Emphasis is mine)

 

It's pretty clear. Chargeoffs are reported for five years if paid.

 

Also a csr at Experian told me that when I called too. I posted it a few weeks back questioning where he got it from but couldn't find it so this post is what I was looking for.

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