New York's 5 Year Clock

Discussion in 'Credit Talk' started by Concerned, Jun 28, 2001.

  1. Concerned

    Concerned Well-Known Member

    Question for anyone in the know. I work in NYC and live in another state. All my negatives are more than 5 years old but less than 7 years. I read here about someone who used Mail Boxes Etc. for a post office box and put the address as #309 instead P.O. Box 309 with the street address.

    I am considering doing the same for easiest access to my mail (I can be gone for a week at a time and can't always get my mail at home). What will this do for me in terms of those negs dropping off? Once my address is in the state of NY on my report will they just drop off? Anyone with any insight, please post!


    GEORGE Well-Known Member

  3. judyputy

    judyputy Well-Known Member

    Not necessarily so George. I have a PO Box at a mailbox place that started out listed as Suite#333. Then the great state of Virginia and the post office decided that they needed mailboxes like that to be listed as a PBM...personal mail boxes.

    SO they changed my mailing to XXX whatever street, PBM 333, City, State

    BUT>>>>> my point is, it's listed on my reports as an apartment and a single family home. They don't really know how to classify it. SO it has never said po box..mailbox thing. You can always count on them to list it wrong on reports!
  4. Saar

    Saar Banned

    If you can use a friend's or relative's NY address for a few months, it would be much better than a masked PO Box.

    Once you have a NY address (and can prove it), update the bureaus, and once updated - have your old address removed. Then you can start disputing w/ much better chances of success even w/ entries that are <5 years old. Those >5 should be removed automatically when the CRA's update your address.

    Another way you may have more success disputing, is if your old address (region) was assigned to a local CRA-affiliate and the new one isn't.

  5. VJ

    VJ Well-Known Member

    The one small problem with using a P.O.Box or mailboxes usa is if anyone ever used that street address and applied for a business loan, your address will have an extra line stating
    "This is a non-residential address."inserted.

  6. Rob

    Rob Active Member

    Can sombody please post info that says New York state residents have a 5 year clock as opposed to 7 years. How would I dispute based on that.

    I am in NY and have a few 5 year things on my Credit Report, But they never automatically came off even though I live in NY.


    * Rob *
  7. Crdt Dfnse

    Crdt Dfnse Well-Known Member

  8. breeze

    breeze Well-Known Member

    Well, that is interesting. Another example of off-the-top-of-my-head statements made on these boards.

    If I read that correctly, in NY, the 5 years only applies to paid debts, unpaid debts can stay on for the full 7 years.

    Is that right Anthony?

    Do you have a link for credit laws for the Commonwealth of Virginia? I have tried their search engine for the Code of VA - it's the worst search engine I've ever seen. LOL. I can't find anything.

  9. Crdt Dfnse

    Crdt Dfnse Well-Known Member

    As I see it New York code specifies (UNPAID) defaulted debt as able to remain reportable for seven (7) years, whereas if one PAID (off) the "defaulted" obligation it could only remain for five (5) years. As far as general (positive) reporting I believe that is still seven (7) years. In any case here is the cite for all to examine:
    • New York State Consolidated Code: §380-j(f)(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

    PS: Have you check for the codes relating to your situation?
  10. breeze

    breeze Well-Known Member

  11. Rob

    Rob Active Member

    Thanks Anthony, to bad I don't have any "paid" ones. Just "unpaid"

    I going to try to dispute it anyway, maybe I will get a overworked Equifax rep that will just delete it, I mean it's almost 6 years old, as opposed to having them "verify" it over and over and over....6 times already, still no luck getting it off my CR's

    If all else fails I am going to try to turn the bogus repo into a "paid" bogus repo and then dispute it using NY state law. I guess it's worth a try, nothing else seems to work.

    * Rob *
  12. Concerned

    Concerned Well-Known Member

    As always the posters here ROCK. I do have relatives in NY that I may try to use as an address. Luckily for me my debts are all paid and the 5 years should apply for me.

    BTW-I had someone who lived at my current address apply for small business loans so I already have that notation about not a residential address. It can't be removed and supposedly is not hurting my score.

    I will try the MBE box number and dispute the old addresses as soon as I can get that set up again.

    I'll keep you all posted.
  13. Saar

    Saar Banned

  14. Crdt Dfnse

    Crdt Dfnse Well-Known Member

    Having tried several searches for you, I see what you mean. Albeit, my reference material doesnâ??t indicate that Virginia has anything similar to the New York statute. However, this doesnâ??t necessarily mean a similar law doesnâ??t exist in Virginia.

    In any respect if itâ??s of great importance for you to find a particular cite, you may want to consider either subscribing to a legal service (about $25 @ month) or visiting your local county law library. Sometimes (speaking from experience) itâ??s easier to find a cite manually, than by use of a computer related service. Yeah I know, youâ??d think it would be the other way around but go figureâ?¦ [;-)
  15. breeze

    breeze Well-Known Member

    Thanks Anthony,

    Actually, I have an attorney, it's just that he's not that easily available, and sometimes I just want to know something, it's not important enough to pay him to answer my questions, hehe.

    re credit laws, Virginia does have a few little differences from Federal Law, but by and large it is the same. There isn't anything corresponding to the NY "reporting time" law. That wasn't really what I was looking for, I was just looking for a better-organized site for searching the Virginia Code.

    Isn't that search engine awful??


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