Paid Collections NY

[dman23]

A friend of my fine has an acount in collections that, according to him, will be removed in October. How he knows this I'm not sure as he's a knucklehead. If he knows this why is he asking me?

Anyway, we're both NY residents.

I've researched this and couldn't find a defintive answer. Equifax website says paid collections from NY residents are removed 5 years from date paid. I believe it's 5 years from DoFD.  

I remembered I had  a collections account. Based on my experience I formed a conclusion that it's 5 years from DoFD. I didn't start getting my credit reports and actively monitoring them until April 2014.

This collections account DoFD was 3/2009. Paid in full April 2010. This had already fallen of my TU & EQ reports as of April 2014. Experian fell off November 2014. I emailed collection agency in October that it was off TU & EQ but still reporting on EX. It was gone the next month. I'm thinking it was an oversight.

Just figured I'd share this and see if I concluded correctly.

[Anonymous]

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@dman23 wrote:

A friend of my fine has an acount in collections that, according to him, will be removed in October. How he knows this I'm not sure as he's a knucklehead. If he knows this why is he asking me?

Anyway, we're both NY residents.

I've researched this and couldn't find a defintive answer. Equifax website says paid collections from NY residents are removed 5 years from date paid. I believe it's 5 years from DoFD.  

I remembered I had  a collections account. Based on my experience I formed a conclusion that it's 5 years from DoFD. I didn't start getting my credit reports and actively monitoring them until April 2014.

This collections account DoFD was 3/2009. Paid in full April 2010. This had already fallen of my TU & EQ reports as of April 2014. Experian fell off November 2014. I emailed collection agency in October that it was off TU & EQ but still reporting on EX. It was gone the next month. I'm thinking it was an oversight.

Just figured I'd share this and see if I concluded correctly.

---

Google for the NY statutes...

[Anonymous]

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@Anonymous wrote:

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@dman23 wrote:

A friend of my fine has an acount in collections that, according to him, will be removed in October. How he knows this I'm not sure as he's a knucklehead. If he knows this why is he asking me?

Anyway, we're both NY residents.

I've researched this and couldn't find a defintive answer. Equifax website says paid collections from NY residents are removed 5 years from date paid. I believe it's 5 years from DoFD.  

I remembered I had  a collections account. Based on my experience I formed a conclusion that it's 5 years from DoFD. I didn't start getting my credit reports and actively monitoring them until April 2014.

This collections account DoFD was 3/2009. Paid in full April 2010. This had already fallen of my TU & EQ reports as of April 2014. Experian fell off November 2014. I emailed collection agency in October that it was off TU & EQ but still reporting on EX. It was gone the next month. I'm thinking it was an oversight.

Just figured I'd share this and see if I concluded correctly.

---

Google for the NY statutes...

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The text of the NY law:

"(iv)  accounts  placed  for  collection  or charged to profit and loss
  which antedate the report by more than seven years; or  accounts  placed
  for  collection  or charged to profit and loss, which have been paid and
  which antedate the report by more than five years;"

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In general, the "date" of a defaulted debt is its DoFD, not the date its paid.... Equifax is full of it. There's a reason they are often considered the worst of the lot.

[Lucky7z]

Transunion is the same when I ask about this rule they act like it doesn't exist!

[Anonymous]

Just refer them to:

2010 New York Code
GBS - General Business
Article 25 - (380 - 380-U) FAIR CREDIT REPORTING ACT
380-J - Prohibited information.

(iv)

[RobertEG]

The NYS version of the shortened exclusion period for collections is based on the same, non-specific language as the original langue of the FCRA, basing exclusion on the date the debt was "placed for collection."  It makes no reference to the clarifying use of date of first delinquency (DOFD) that was added under FCRA 605(c) as califying amendment to the FCRA.  Further , the term "paid" has been interpreted differently by the CRAs.

Two of the three CRA interpret the NYS code view of the revision to the FCRA, and use DOFD.  EQ has had its own interpretation,, and also considers "paid" to require payment in full.  They have thus declined exclusion at five years unless the debt was settled in full.

I have not seen recent holdings by EQ, and hope they have come around to the interpretation consistent with the revisied FCRA, but am not sure.

I know it has been a past problem.

[dman23]

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@Anonymous wrote:

---

@Anonymous wrote:

---

@dman23 wrote:

A friend of my fine has an acount in collections that, according to him, will be removed in October. How he knows this I'm not sure as he's a knucklehead. If he knows this why is he asking me?

Anyway, we're both NY residents.

I've researched this and couldn't find a defintive answer. Equifax website says paid collections from NY residents are removed 5 years from date paid. I believe it's 5 years from DoFD.  

I remembered I had  a collections account. Based on my experience I formed a conclusion that it's 5 years from DoFD. I didn't start getting my credit reports and actively monitoring them until April 2014.

This collections account DoFD was 3/2009. Paid in full April 2010. This had already fallen of my TU & EQ reports as of April 2014. Experian fell off November 2014. I emailed collection agency in October that it was off TU & EQ but still reporting on EX. It was gone the next month. I'm thinking it was an oversight.

Just figured I'd share this and see if I concluded correctly.

---

Google for the NY statutes...

---

The text of the NY law:

"(iv)  accounts  placed  for  collection  or charged to profit and loss
  which antedate the report by more than seven years; or  accounts  placed
  for  collection  or charged to profit and loss, which have been paid and
  which antedate the report by more than five years;"

---

In general, the "date" of a defaulted debt is its DoFD, not the date its paid.... Equifax is full of it. There's a reason they are often considered the worst of the lot.

---

Thanks Norman. I did read that text of the law. It was Equifax that was throwing me off.

[dman23]

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@jasmine2007 wrote:
Transunion is the same when I ask about this rule they act like it doesn't exist!

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I'm sure most of the reps wouldn't know.

[dman23]

---

@RobertEG wrote:

The NYS version of the shortened exclusion period for collections is based on the same, non-specific language as the original langue of the FCRA, basing exclusion on the date the debt was "placed for collection."  It makes no reference to the clarifying use of date of first delinquency (DOFD) that was added under FCRA 605(c) as califying amendment to the FCRA.  Further , the term "paid" has been interpreted differently by the CRAs.

Two of the three CRA interpret the NYS code view of the revision to the FCRA, and use DOFD.  EQ has had its own interpretation,, and also considers "paid" to require payment in full.  They have thus declined exclusion at five years unless the debt was settled in full.

I have not seen recent holdings by EQ, and hope they have come around to the interpretation consistent with the revisied FCRA, but am not sure.

I know it has been a past problem.

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Thanks Robert. While researching, before my post, I came across your posts about this and realized there was an interpretation issue. Thanks again.

[dman23]

P.S. I just wanted to make sure I gave my friend the right info. My advice to him will be pay your debts. Don't be a deadbeat. (He owes me $200 too)