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?
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?
Re: All Negatives Off in 5 Years?!! If you're going to list a mail drop service as your address with the CRAs, check this thread: http://consumers.creditnet.com/straighttalk/board/showthread.php?s=&postid=12537 Saar
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).
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.
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!
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;
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.
All Negatives Off in 5 Years?!!!!!! ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ 3 years is enough for any type Info,
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.
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
