NY FCRA

[Flagpole]

Hi All,

I am moving to NY and have a few questions about how the NY FCRA works. 

When I update my address on my CCs and student loan and the new address gets reported to the credit bureaus, will my paid collections that are now outside the 5 year limit just fall off or do I need to prove residency to either the creditors or the credit bureaus?

I have 3 paid collections that are older than 5 years but not yet 7 years.

Thanks!

[llecs]

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@Flagpole wrote:

Hi All,

I am moving to NY and have a few questions about how the NY FCRA works. 

When I update my address on my CCs and student loan and the new address gets reported to the credit bureaus, will my paid collections that are now outside the 5 year limit just fall off or do I need to prove residency to either the creditors or the credit bureaus?

I have 3 paid collections that are older than 5 years but not yet 7 years.

Thanks!

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If moving, update your new address with each CC and they will automatically update with the CRAs either right away or on the next statement date (YMMV on the CC). Once your new address appears on your CR as your current address, then I would file a dispute with each CRA and enclose a copy of the NY statute and mention that these paid baddies are too old to report.

[martig4]

I have direct experience with this.

Once the bureaus update with your NYC address they will automatically purge accounts older than 5 years that are derogatory and also paid.  Experian will not remove accounts that are "settled" only those paid in full.  The other bureaus remove the account at the 5 year mark.

If you have accounts that are past 4 years and 6 months with a NY address, file a dispute with TU and EQ and they will auto-remove the account.

You may have some delay in having your address updated, so if you are in a hurry - file an address dispute and send in your NY Driving License as proof of address.

Hope this helps.

[RobertEG]

I agree with llecs.

First, CRAs dont "purge" accounts at any requried date.  It is not about purging accounts, it is about how long a CRA can continue to include in a CR that they issue any reference to the item of informtion under an account that is in their credit files, and has exceeded the dates specified in the Fed or state FCRA.

Presuming that the NY FCRA sets a 5 year inclusion period, rather than the 7 year period in the Fed FCRA, there is no reason to contact the CRA prior to that 5 year period.  Nothing wrong has occured until after that period has passed.

As an aside, you state that this relates to a student loan.  If so, I would caution you to investigate the FCRA provisions for its exclusion dates.

I know that, for student loans, the exclsion period of 7 years in the Fed FCRA can be extended, for student loans.  I direct you to the footnote under FRCA 605(a)(5), which states that the 7 year reporting period have been lengthened for certain U.S. Gvt guaranteed, or insured loans, or pertaiining to national direct stident loans.

I suspect that the NY FCRA has similar provisions.

[Flagpole]

Robert,

I mentioned the student loan as a source that would be reporting my new address.  The collection accounts have nothing to do with my student loans.  The 5 year limit under the NY FCRA applies only to paid collections, liens, and judgements. 

[diveforfun97]

I just wanted to share this....after reading this posted I took some action.  I had a judgement showing only on my EX.  I called EX and they instructed me to send in proof that the judgement was paid and satisifed, and include a letter that stated the I enclosed proof of the judgement being paid and that I was  NY resident.  So I did as I was told and a week later the judgement was gone.  Hope this helps.