Anyone familiar with NY state 5 year rule?

[Anonymous]

Ok, so to be perfectly honest, my husband's credit has been so bad in the past that we've been afraid to look at his credit report.  Just recently we've been in the processing of trying to rebuild and have noticed there is a collection, reported by a collection agency, for an old electricity bill that is about 6 years old.  We would like to pay this bill in full so we can try to get it off of his report.  I know NY state has a statute that says if a collection is paid, it should come off in 5 years rather than 7.  However, I'm not sure if this applies to us since we'll be paying it so late.  Does anyone know if this collection will come off if we pay in full due to the 5 year rule in NY, or because we're paying it 6 years after the fact they'll be like, too bad so sad?

[gdale6]

If you PIF then it must be deleted per NY State Law as stated below.

NYS GBS Sect 380J - Prohibitions

(f) (1) Except as authorized under paragraph two of this subdivision,

  no consumer reporting agency may make any consumer report containing any
  of the following items of information.   (i)  bankruptcies  which,  from
  date  of adjudication of the most recent bankruptcy, antedate the report
  by more than fourteen years;
    (ii) judgements which, from date of entry, antedate the report by more
  than seven years or until  the  governing  statute  of  limitations  has
  expired,  whichever  is the longer period; or judgments which, from date
  of entry, having been satisfied within a  five  year  period  from  such
  entry date, shall be removed from the report five years after such entry
  date;
    (iii)  paid tax liens which, from date of payment, antedate the report
  by more than seven years or, a  paid,  satisfied  or  vacated  tax  lien
  involving a purchaser, transferee or assignee in a bulk sale transaction
  who  has  been deemed liable by the state tax commission for sales taxes
  due from a seller, transferrer or  assignor  under  subdivision  (c)  of
  section  eleven hundred forty-one of the tax law, where the receipt by a
  credit reporting agency from such purchaser, transferee or assignee of a

  notice, or true copy thereof, from the  state  tax  commission  to  such
  purchaser,  transferee  or  assignee  that his liability has been wholly
  paid or satisfied or no longer exists, antedates the report by more than
  thirty days;
    (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;
    (v) records of conviction of crime which, from  date  of  disposition,
  release, or parole, antedate the report by more than seven years;
    (vi)  information regarding drug or alcoholic addiction where the last
  reported incident relating to  such  addiction  antedates  the  consumer
  report or investigative consumer report by more than seven years;
    (vii) information relating to past confinement in a mental institution
  where  the  date  of  last confinement antedates the report by more than
  seven years; or
    (viii) any other adverse information which  antedates  the  report  by
  more than seven years.

[Anonymous]

Wow, that's awesome news!    Thanks so much for your response.

[Anonymous]

That is invaluable information for many people here.  Is there a drop box anywhere on this site for the real important stuff so you reference quickly without searching through the forum???

[gdale6]

This particular info I got from the NY law I have in PDF format and I dont think its on a sticky anywhere in the forum. At the top of each forum are stickies and the one that says Frequently Requested Threads is the one to look at for quick topic location.