I read a posting that said in NY a paid profit and loss tradeline must be removed after 5 years while a non paid profit and loss after 7. Does anyone know about CA? Isn't the FRCA exclusively federal? All Help is appreciated!!
The FCRA is federal. Some states have even more restrictive laws. I've heard here the same about paid collections in NY - it seems to be true, and it also seems it is the only state that has that rule Always check your state's FCRA and FDCPA laws. I work them both, depending on what is more advantageous to me.
jlynn is correct. No state may make a law which loosens Federal law, but they may make it more restrictive. New York is the only state that we know of that has the five year law. It says that PAID collections must be removed in five years, unpaid can stay for seven. It doesn't matter if it's the OC or a CA, if it's a paid collection it must be removed after five years. You may have to send a dispute to get it done.
