Statutes of limitation on debt are two-fold.
First, there are limitaitons upon when a party can bring civil action seeking a judgment ordering you to pay a debt.
Second, there are limitations upon how long a judgment that has been obtained by a party against a consumer remans enforceable.
Netiher of those statutes of limitations would run if there is no unpaid debt.
It is stated that the debt is now paid. Thus, there is no statute of limitations in effect, period.
What was referenced regarding the NYS rule has nothing to do with statutes of limitation.
It has to do with the enfirely separate issue of the exclusion period imposed on credit reporting agencies for removing derogatory items from credit reports they issue.
The federal standard under the general FCRA is that any reported collection or charge-off must be excluded no later than 7 years plus 180 days from the DOFD on the OC account. NY has enacted their own special provision that shortens that period to 5 years if the debt has been paid.
It has nothing to do with SOL.
If you move to another state, you can no longer invoke the special credit report exclusion provisions that apply to NYS residents.
