I lived in NY until mid-1997. I know their is some rule about derog info. coming off your report in 5 years if you live in NY vs. the standard 7. Breeze or Erica, or anyone who knows, does this apply only to people who currently live in NY, or to anyone who has ever lived their? -Would you have to have a physical address in NY, or would any sort of PO box work?
NY State Consolidated laws Chptr. 20, Art. 25, Sec. 380- j(3)(f) and following. (NY Consumer Protection Act) Scroll down until you see 380-j http://caselaw.lp.findlaw.com/nycodes/law44/art53.html Actually, if you read closely, you will see that it really only says "paid" negative items, like collections and charge-off (and other things). However, in actual practice, the CRA's remove all negative info after 5 yrs. Also if you read closely, it says bk can be reported for 14 yrs., and that these items may be reported if you are applying for a job that pays more than $25,000 a yr, like insurance amounts of $50,000 or more, and credit transactions of $50,000 or more. These are tough!! However, here the Federal laws are followed, not the NY state. Perhaps some kind-hearted New Yorker will rent out their NY address to you for a while, hehe.
This is absolutely great information! Has anyone had success using this NY 5 year law? I have 8 Sallie Mae Charge Offs ($0 Balances) with DLA's of 6/96, 6/97 and 11/97 and should be able to get these off this year if I can convince the CRA's!! Looking to get a mortgage in December 2002 and this will greatly improve my scores!! TU=594 (have to order the other scores) Thanks for all the great info!!
Does anyone know if the accounts have to be paid in full or if settlements are removed after 5 years too? The laws just say the account has to be "paid" but no clarification.
Like I said, so far all New Yorkers I have talked to said that the CRA's don't distinguish, they remove them all, paid or not. If you have a NY address, they will come off, I doubt you'll have to dispute.
Your Nick Queensrÿche RULES ! Just thought I would point that out. Love ÿour nick. That's what I used to use. Deputÿ
Is it ANYONE who lives in New York or is it that you have to have been living in New York at the time the credit was established?
