Using NY exceptions??

Discussion in 'Credit Talk' started by Linda, Apr 8, 2001.

  1. Linda

    Linda Well-Known Member

    Hi everyone,

    I've been doing some internet research and found this "Fair Credit Reporting Act" for New York. It is listed under New York State Consolodated Laws, General Business, Article 25, S 380-j "Prohibited information."

    f) (1) Except as authorized under paragraph two of this Consolidated Laws - credit reporting laws 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;

    Here's a web link:

    Regarding paid judgments: Is this actually saying that if I satisfy my judgment within 5 years of the entry date (Is that the date the judgment was determined in court?) then the three major credit bureaus are required to remove it from my files 5 yrs after the entry date, and not the much later paid/satisifed date?

    Regarding accounts placed for collections or charged to profit and loss: Does this look like this would only apply to the orginal account holder or does it also include the collection agencies themselves? Suppose I had an account that was charged off and then sold to a collection agency. Would negotiating down a debt and paying to an agreed amount to either party invoke this 5 year reporting limit on both accounts? For example, assuming the orginal creditor doesn't own the account anymore, the collection agency and I agree (negotiate) on a balance due of $500 when the original creditor charged off an overdue balance of say $1,250 would that mean that both the orginal creditor and the collection agency will fall off my credit reports from 5 years of last activity because they're both considered paid accounts at that point??

    Lastly, am I correct in believing that the NY "Fair Credit Reporting Act" applies to my judgment that was filed in NY and any accounts that I opened up while residing in NY, regardless of whether I moved to TX 2 years ago?? Obviously that is what I'm hoping.

  2. mother2

    mother2 Well-Known Member

    Boy, I sure hope so. Experts????

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