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Hi My Fico-ers!
Can someone explain the NYS 5 year purge rule to me? I have a chase charge off of about $6K. The last payment was August 2014. In March of 2018, we settled for $600, which I paid immediately. Is my thinking correct that the charge off should come off my reports in
August of 2019 under the NYS purge rule? Do I need to contact the bureaus and remind them of the rule?
I just paid off PRA so this is my last big baddie, and I'm anxious to have it gone. Thanks in advance!
Awesome! Thanks. I wonder if I should call TU tomorrow - 6 months early EE would be right about now.......
I will be calling them on my lunch hour tomorrow! Thanks for the "how to." I've been lurking on this forum for a while, and it never ceases to amaze me how helpful everyone is. I have learned so much.
New York State General Business Law Section 380-j
“(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; “
UPDATE: It worked! I just got off the phone with TU - they are deleting it from my report. It took less than 10 minutes. Now all I need is for PRA to fall off (patiently waiting for the 30 days)!
Thanks for the advice and help!
EE cannot be done online one must call the CRAs for it.