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NY SOL 5 Years, not 7?!?!

Discussion in 'Credit Talk' started by tnguy, Aug 3, 2003.

  1. Aug 3, 2003 #1
    tnguy

    tnguy Member

    Hi,

    I have houses in both New York and Tennessee, and just read in another thread that *paid* but derogatory accounts must come off your report in five years, not seven, if you live in New York.

    Is this true?

    It would be awesome- I could kiss goodbye a couple of student loans and an old Capital One chargeoff.

    Anyone have any info?

    Thanks in advance,

    TNGuy
     
  3. Aug 3, 2003 #2
    Flyingifr

    Flyingifr Well-Known Member

    There are two different SOL's here - the SOL for suit, whiuch varies from state to state. 5 years for NY sounds right. The other is teh SL for credit reportingwhich is generallyy 7 years except for bankruptcy, which is 10 years.

    Now the bad news - there IS no SOL for either with student loans.
     
  4. Aug 3, 2003 #3
    LKH

    LKH Well-Known Member

    Paid negative accts for New York residences must be removed at 5 years. So your Cap1 if 5 years old should be removed.

    As for the student loans, I don't know much about them so I will defer to what was posted above.
     

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