All Negatives Off in 5 Years?!!!!!!

Discussion in 'Credit Talk' started by BurnaDebt, Mar 22, 2002.

  1. BurnaDebt

    BurnaDebt Well-Known Member

    Would like opinions from CreditNet OldTimers (and anyone else as well).

    Here's my conjecture:

    I need to get many negatives off of my CR that were last paid in '97. Has anyone heard of obtaining a Postal Drop Box in NY state, and then reporting a NY address to the CRAs in order to get negatives dropped after 5 years instead of 7?

    If you report a NY address, do the CRAs require proof of residency or minimum length of residency?
     
  2. star

    star Well-Known Member

    Im confused, I live in NY, are you telling me that my negs will come off in 5 yrs, not 7 ? and if so , does it just happen automatically or do I write the cra's?
     
  3. Saar

    Saar Banned

  4. lifetime

    lifetime Well-Known Member

    Re: All Negatives Off in 5 Years?!!

    I think the accounts have to be paid off.
     
  5. Saar

    Saar Banned

    Re: All Negatives Off in 5 Years?!!

    Not so.


    Saar
     
  6. lifetime

    lifetime Well-Known Member

    Re: All Negatives Off in 5 Years?!!

    In New York State, information about a judgment that was satisfied 5 years after it was entered cannot then be reported after that 5 year period. It is important to note that these time limitations do not apply to reports made in connection with credit or insurance transactions for more than $50,000, or if the expected salary for employment is over $20,000 (the expected salary threshold in New York State is $25,000).
     
  7. BurnaDebt

    BurnaDebt Well-Known Member

    Below is a posting from another thread. You might want to check out the full thread, "Re-aging - I just wanna SCREAM!!!" Also might want to start a new thread asking "What's the Law in NY? 5yrs?" Would probably get more responses that way.

    Re: Re-aging-I just wanna SCREAM!! long

    donnav025 | 62 posts since Jan 2002 64.204.61.2 | 03.21.2002 @ 21:07



    Lynn,

    Has it been paid? NY State law says that paid charge-offs must be removed after 5 years. I'm not sure if they will remove it if it's not paid - I haven't tried that. But on another thread yesterday, someone said you may be able to get it removed.
     
  8. genmorr

    genmorr Well-Known Member

    Re: All Negatives Off in 5 Years?!!

    OK, I called EX today because I have a paid charge off, that was settled in full 4/00. The DLA was 4/97. I called EX and asked them to delete because it is now 5 years past the DLA. They told me that NY law says if its a SETTLED paid charge off, it stays on the full seven years. Is this true? It was settled in full! Help!
     
  9. Erica

    Erica Well-Known Member

    Re: All Negatives Off in 5 Years?!!

    NY law says this:

    (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;
     
  10. King

    King Well-Known Member

    Re: All Negatives Off in 5 Years?!!

    Jeez, BK accounts stay on for up to 14 years? Did I read that right? I guess I don't need to get a N.Y. box to try and get rid of my '97 BK.
     
  11. lbrown59

    lbrown59 Well-Known Member

    All Negatives Off in 5 Years?!!!!!!
    ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^

    3 years is enough for any type Info,
     
  12. martig4

    martig4 Well-Known Member

    Perhaps you should dispute the SETTLED notation. The OC probably no longer has the records.

    The question of a SETTLED charge-off being deleted is for a judge. From my reading of the law you both could be right. A PAID charge-off must be deleted in five years. However and UNPAID one can stay for seven years.

    The law doesn't explicitly state what happens if something is SETTLED. They could be right because you didn't pay the full amount. I, however would lean toward the consumer. The intent of the NY law was for consumers not to be punished if they have fulfilled their obligations.

    Bottom line... this is a grey area and if they won't delete it, then you will have to sue them to find out the answer.
     
  13. lbrown59

    lbrown59 Well-Known Member

    The law doesn't explicitly state what happens if something is SETTLED. They could be right because you didn't pay the full amount. I, however would lean toward the consumer. The intent of the NY law was for consumers not to be punished if they have fulfilled their obligations.
    martig4

    IF something is settled you did pay the full amount.
    If you don't pay the full amount then it's not settled.lb59
     
  14. Erica

    Erica Well-Known Member

    For the first time in over a year, I actually agree with what you just said. Well done.

    :)
     

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