First Premier / NYS 5 Year paid collection question

[Supafly535]

Hello!

      I pulled my credit report today (Transuion Quarterly Monitoring) and have a collection from First Premier. Seeking some advice on my best course of action. Since I am a NYS resident - should I now pay the collection, so I can use the 5 year paid collection attempt to remove it from my report? Below is the info for both accounts:

It first went 30 days late on :  11/2007

It was 60 days late by: 12/2007

It was 90 days late by: 01/2008

Charged off on:  02/2008

Is the 5 year rule from 11/2007 or from 02/2008?

Balance: $405, Date updated: 09/09/2012, Last payment made: 07/31/2008, Date Closed: 03/01/2007, Status: Charged Off

[guiness56]

If the first time you were late was 11/2007 and never brought the account current again, that would be the DoFD. 

[RobertEG]

Yes, the DOFD would be 11/2007.

So, under the federal FCRA, the deletion date of the CO and any collection would be no later than 5/2015.  The federal FCRA clearly mandates use of the DOFD.

However, application of the NYS 5-year date for paid collections and charge-offs is not that straight-forward.  It should be, however the NYS statute never makes any reference to use of DOFD or the additional 180 days.  Two of the three CRAs interpret the NYS statute in a manner to be consistent with the FCRA, and "read into it" the use of DOFD.

One CRA apparently does not, as posted by numerous people on this site, but rather chooses to interpret the running of the five year period from the date of the collectin or charge-off.

So you are apt to jump into a hornet's nest when attempting to get exclusion from all three CRAs when invoking the 5-year exclusion period based on the NYS statute.

Silly, but the way it apparentl is.