Getting paid collection of my reports (NY resident)

[justrock]

I am currently in the process of buying a home.  I had two collections on my report, one from 2008 and one from Feb 2009. Total amount $375 and updating monthly.  Although I read this forum ten times a day I had an epiphany two weeks ago and realized that because I am a NY resident that if I paid these amounts the collections could come off my reports for being more than five years old.  I paid them immediately.  

Now I'm trying to figure out the fastest way to update my reports so that these two derogatorys are GONE.  LO said as soon as they update she will put the new reports in my file.  Any advice is welcome.

[gagirl82]

I dont think there is anything you can do to update your reports faster.... usually you have to just wait the 30/45 days for the reports to update but I could be wrong.

[RobertEG]

The CRAs dont cross-check current CR address and then auomatically apply the NYS statute at five years.

You need to contact the CRAs and notify them that you are invoking the NYS statutory provision for paid collextions.

[justrock]

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@RobertEG wrote:

The CRAs dont cross-check current CR address and then auomatically apply the NYS statute at five years.

You need to contact the CRAs and notify them that you are invoking the NYS statutory provision for paid collextions.

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Thank you!

[Anonymous]

Do you know if you have to pay the full amount or settle for less on the collections to use the NYS provision?

[justrock]

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@Anonymous wrote:

Do you know if you have to pay the full amount or settle for less on the collections to use the NYS provision?

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I believe the colletion must be PIF to be eligible for the NY five year rule.