Rebuilding Your Credit

[RazzleDazzle]

I just read in another thread about a 5 year rule in NY? Can someone please give me the details about this? This would greatly help me!

[guiness56]

You have to currently reside in the state.  Collections, COs and judgments that are paid can only stay on your CR for 5 years from the DoFD, or in the case of a judgment, the filing date.

[astsmj3]

I thought NY was 7 years...It would be great if I was wrong

[drkaje]

Hopefully Robert will correct me, if wrong: I believe a paid CO can only remain on your CR 5 years, if it was paid within the first year.

[guiness56]

It doesn't matter when it was paid.  A paid CO, collection or judgment stays for 5 years in NY.

New York State Residents Only (must be current resident)

• Satisfied judgments remain on your credit file for five years from the date filed.
• Paid collections remain on your credit file for five years .
• All other deletion rules apply as noted above.

[RobertEG]

One rub in the NYS statute is that it does not include the provisions of FCRA 605(c) that clearly define the DOFD as the date-certain that commences the running of the CR exclusion period for collections and charge-offs.

While two of the CRAs interpret the NYS statute as running from DOFD, consistent with the fed FCRA, EX apparently does not.  They are apparently interpreting the period under the old, old FCRA language of 7 years from the date placed for collection. 

The fed FCRA was amended back in 1998 to include the DOFD clarification, but the NYS statute has no such provision.  Prepare for a hassle.