State Laws when they differ from Federal FCRA... How do you get the Large 3 Credit Reporting to adjust?
When there is a difference in Federal & State laws which cover the same thing; Federal can't be negated by a weaker state law, but a tougher state law can't be trumped by complying with the weaker Federal standard. All companies including the CRAs should automatically make sure that they are complying with both the Federal and Applicable State Laws. If the CRA is following the weaker Federal standard than the applicable state law, you would want to cite that state law in your dispute letter, and if they ignore it, the only option is to file against them in Federal Court. You want to make sure that you include both the FCRA & State FCRA violations in the suit.
Jam, The law is a little skewed to a commoner. Please Help translate regulations and laws pertaining to New York. ~ New York General Business - Article 25 - § 380-J Prohibited: In accordance to NY Business Law (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; ______________________________________________________________________________________________ If I had a account that opened Jan 1st 2009. Had FIRST late Payment June 2009, 30 days reported. Additional late, 30 days in 2010 and a few in 2012. A "Charge-off" in 2013, which is "Paid In Full" to original creditor...... When does the "Clock" start for the above law understanding? How do you determine the 5 years?
Jam, The law is a little skewed to a commoner. Please Help translate regulations and laws pertaining to New York. ~ New York General Business - Article 25 - § 380-J Prohibited: In accordance to NY Business Law (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; ______________________________________________________________________________________________ If I had a account that opened Jan 1st 2009. Had FIRST late Payment June 2009, 30 days reported. Additional late, 30 days in 2010 and a few in 2012. A "Charge-off" in 2013, which is "Paid In Full" to original creditor...... When does the "Clock" start for the above law understanding? How do you determine the 5 years
