I was looking at my TU CR and it looks like 3 of the 4 paid judgments I have will fall off in about a by 1/2004 due to the NY 5 year reporting law. MY question ... should I dispute before the time is up or just wait until after the drop off date to dispute?
I'm no expert.. but I think what your asking is totally your call.. You could dispute them, but you'd be taking the chance of waking the giants.. OR you could wait til they fall off.. if you can I'd do the latter.. but if you are in th eprocess of wanting to make a purchase.. well then.. You might have to take that chance.. About the NY Law... I don't know anything about it.. but is it really that all debts fall off within 5 years? I'm in NY if that's the case.. I have about 5 that should have fell off last year..
I guess you folks from NY don't know about the new law they passed in NY yet? They just passed a law making it an offense (felony???) for anyone to give any credit repair information to anyone in NY or for any NY resident to seek such information and it specifically mentioned the internet. Don't remember where I saw that but it strikes me that it was in an a fairly reliable source. Maybe you folks in NY ought to check into that. Seems to me that any such law would very quickly run into 1st amendment problems and at the first test would get struck down by whatever court got hold of a case. In any event it sure would not hurt to check into that to see if there is indeed any truth in it or if its just a rumor or what. A simple phone call to your NY legislator would soon reveal the truth of the matter. If you find out anything please let us know. Something like that could really put a hitch in the git along just about everywhere on the internet.
NO, all debts do NOT fall off after 5 years. ONLY FULLY PAID judgments, charge-offs, collections. Here's the link to the NY General Business Law Article 25 FAIR CREDIT REPORTING ACT S 380-j (b)(f)(1)(ii)&(iv): http://assembly.state.ny.us/leg/?cl=44&a=53 S 380-j. Prohibited information. (a) No consumer reporting agency shall report or maintain in the file on a consumer, information: (b) Notwithstanding the provisions of paragraph one of subdivision (a) of this section, a consumer reporting agency may collect, evaluate, prepare, use or report information relative to a detention of an individual by a retail mercantile establishment, provided that: (f) (1) Except as authorized under paragraph two of this subdivision, no consumer reporting agency may make any consumer report containing any of the following items of information. (ii) judgements which, from date of entry, antedate the report by more than seven years or until the governing statute of limitations has expired, whichever is the longer period; or judgments which, from date of entry, having been satisfied within a five year period from such entry date, shall be removed from the report five years after such entry date; (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; If you do a search on "ny law" you'd find the information you're looking for. As for the first poster, you probably should wait until 1/2004 to dispute as "obselete under NY law" as the CRAs may not budge before then. .
