NY reporting question

[Anonymous]

I currently live in Florida and have a charge off and a paid collection from 6 years ago but I'm about to move to New York.  I read that in NY the reporting period for credit is 5 years instead of 7 so my question is will I be able to take advantage of that when I move or will it not apply since the debt started in Florida?   

TiA

[pizzadude]

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@Anonymous wrote:

I currently live in Florida and have a charge off and a paid collection from 6 years ago but I'm about to move to New York.  I read that in NY the reporting period for credit is 5 years instead of 7 so my question is will I be able to take advantage of that when I move or will it not apply since the debt started in Florida?   

TiA

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Yes, that is correct ~ for paid CO and CA accounts the CRTP per NY law is 5 years, and as soon as you become a NY resident it would apply to you.

[RobertEG]

+1

I would only add that the CRA must be aware of the fact that you are covered under the more restrictive NY version of the FCRA.

I would send them a separate letter advising them of your residency, and requesting they update their CR exclusion monitoring to reflect that fact.

[Anonymous]

THanks for the quick replies.

 I just read on the equifax site that they will only delete if it's been 5 years from the date of last payment or date of last activity, is this correct?  I thought it was dofd?  

TIA

[WorkinIt]

If you have a charge off on your account and a CA that is reporting on said charge off, can you have the CA removed since it pertains to a charge off that is at its 5 year SOL in regards to reporting.

I would love to do this to the collection agency I am dealing with since they refuse to work with me and won't answer anything in writing. 

[RobertEG]

Unfortunately, the NY state legislators did not learn from the experiences with the federal FCRA.

The original requirement for exclusion of collections under the FCRA stated, at section 605(a)(4):

"Accounts placed for collection or charged to profit and loss which antedate the report by more than 7 years.."

Debt collectors, for years after enactment of the FCRA, interpreted the exclusion date as being 7 years from the literal "placed for collection" date.

Congress amended the FCRA in 1997 to end the controversy, adding new section 605(c), clearly affixing the DOFD plus 180 days as starting the 7 year date.

NY used the same language of "placed for collection," and has no additional provision similar to FCRA 605(c).

I have even seen posts on the site where a CRA has informed the consumer that they use 5 years from date of collection rather than DOFD + 180 days.

Any logical extension of the FCRA would demand using DOFD+180, but apparently the lack of specificity in the NY state statute is being resolved by some in a manner contrary to the federal FCRA.  Very unfortunate, and in my opinion legally contradictory.