01-03-2013 11:21 AM
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.
01-03-2013 12:30 PM
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.
01-03-2013 12:33 PM - edited 01-03-2013 12:43 PM
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)
01-03-2013 02:18 PM
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.