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| Subtopic | Msgs | Last Updated |
     | Monday, October 09, 2000 - 05:11 pm  This is the first time that I read that the CRAs' reporting is limited to LESS that 7 years for anything anywhere. Does Don or anyone have a link to that part of NY code? I'd like to see if only judgments are limited to 5 years or if this applies to all reporting. And does this apply only to judgments obtained in NY or can anyone MOVE to NY and then all the judgments older than 5 years drop off? Are only judgments limited to 5 years or all accounts?
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| | Monday, October 09, 2000 - 06:52 pm In New York paid collections are limited to 5 years on your credit profile. Most other things are 7 years.
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| | Monday, October 09, 2000 - 08:31 pm So, paid collections and paid judgments drop off after 5 years, but paid charge-offs and late payments stay on for 7 years?
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| | Tuesday, October 10, 2000 - 04:33 am That is my understanding. So if you're going to pay a collection ... move to New York.
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| | Tuesday, October 10, 2000 - 08:22 am I'm confused. What distinguishes a collection from a charge-off? In other words, if you have a collection acct. that is due to a charged-off c.c. would this 5 yr. rule apply? Where can one find information on this?
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| | Tuesday, October 10, 2000 - 10:39 am A charge-off indicates that the company charged off your debt in their books. They no longer expect to get paid. Often they SELL those debts to collection companies for pennies on the dollar. The collection company then usually reports the collection on your credit. When you want to get a mortgage, judgments and collections have to be settled (paid) while charge-offs don't have to show paid. I find that NY law interesting because often people DO pay accounts that were seriously delinquent, and apparently they stay on for 7 years. For most people it wouldn't make a difference, but when somebody runs a company that's about to go public or one is about to enter some major business transactions requiring good credit, moving to NY might be worth it.
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| | Tuesday, October 10, 2000 - 04:42 pm Thanks Christine but I still am unsure so bear with me. (By the way I don't live in NY so this is entirely hypothetical). Say I have a charge-off on my acct. from ABC Bank from 10/95 that is unpaid and it is notated as charged-off from ABC bank and also as a collection entry from XYZ collection agency. If I moved to New York and paid the account, would the XYZ collection notation be deleted but the ABC bank notation stay?
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| | Tuesday, October 10, 2000 - 05:59 pm Mali, the collection would still stay for 5 years from when you PAID it, while apparently the charge-off would stay on for 7 years, if *I* got that right.
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| | Wednesday, October 11, 2000 - 06:14 am The link that I can refer to you is http://assembly.state.ny.us/cgi-bin/claws?law=44&art=53 Feel free to skip down to Section 380-I a 3 f 1 ii I have seen this happen on my report and will be quite happy when it happens again. In '02 both my bk and my last jugdment will role off of my report, and as long as I keep a close eye on on my reports for those magical reappearing under a different name things, my only negative then will be one account which was 30 days late 3 times about 3 years old now, will be five years old then. (and i've even disputed that off of one bureau). Thanks to this site i've been able to clean things up, close on my house one year ago (in three weeks). I've limited myself to 5 credit cards, and am working at keeping them as low as possible. My thanks again to all of the posters here. Don
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| | Wednesday, October 11, 2000 - 10:06 am Thanks very much, Don. Appreciate the link as well as your remarks! And I'm very glad your home purchase went well, closing in 3 weeks is QUITE an accomplishment.
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| | Wednesday, October 11, 2000 - 10:29 am Quote: 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; My Question: To me it seems like judgments last 7 years or until governing statute expires but paid judgments only last five years if they were satisfied within 5 years from original date of entry. Does anyone else see that. I note how the act makes a point to say "Having been satisfied within 5 years from entry date". This makes it appear that judgments paid outside the original 5 year entry may be longer. Any ideas, other interpretations?
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| | Wednesday, October 11, 2000 - 01:52 pm You're really stressing my brain today! I read this several times, and it looks to me like you're right. Also, I thought that judgments would stay on for 5 years from the date paid, but reading this, I guess you could pay on day 365 of year 4, and it would be gone the next day. The entry date is the date of the original filing, not the payment date, isn't it?
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| | Thursday, October 12, 2000 - 04:56 am You have to be careful about the date of filing. One of my judgements was filed with both the city and the county. Both filings showed up on the credit reports. Besides having to have to dispute the duplication, the county filing was processed a year later and reflected the date it was processed and not the date that it was awarded. So in my dispute I had to make sure they removed the county entry and not the city.
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| | Thursday, October 12, 2000 - 07:31 am Don, that happens a lot, people really have to look at those little details like DATES very closely. Also, I just read your first post again, and you had said that the judgments drop off after 5 years from entry NOT satisfaction. This is a very strange concept to get used to, much appreciate your posting this. Does anyone know of similar laws in other States?
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