Is is still 5 years for paid collection accounts? I have a friend who paid a bill with Citi and the customer rep said that it will be on his CRs for 7 years. Did it change or was the rep mistaken in her information?
You are getting confused with state and Federal Credit Reporting facts, I think. The CITI rep surely was quoting Federal Law. Is the information inaccurate? You can write a simple dispute letter and ask the CRA to investigate and/or delete the account. Additionally, there are sample letters which are designed specifically for paid collection accounts.
New York State General Business Law Article 25 §380-j (f)(iv) You can look it up on the New York State Senate's website. Collections and charge off's that are paid are reportable for 5 years. (if unpaid they can be reported for the full 7 years) That section also contains information about tax liens and judgemnts as well.
