Hi Beac1--
I'm posting this answer as a comment because I'm not 100 percent
certain it is correct. I hope to verify the imformation by telephone
during business hours tomorrow.
It appears that while satisfied judgements and paid collections in New
York are no longer reported after five years, there is not a similar
time limit on paid consumer tax liens. Meaning, therefore, that they
are reported for seven years as per federal law.
Tax liens remain on a business credit report for four years and nine
months from the date they were filed, whether released or not,
according to Experian (formerly TRW).
Here are several citations I found about tax liens and credit reports.
I spent a significant amount of time trying to find other mentions but
without success.
http://www.creditinfocenter.com/creditreports/cr_time.shtml
"Tax liens stay on 7 years from the date PAID."
Some other rules to keep in mind:
The length of time a negative mark can stay on your credit report
starts from the time you were late or the late payment went into
collection, not from the last time you made a payment on the account.
Some collection agencies update their reporting status on you to keep
the account active with the bureaus to extend the time the account
appears on your report. Very crafty and underhanded of them, because
most often the account is updated and the period of time the account
is active appears to be extended. Challenge this! If you do, bureaus
will correctly removed 7 years from origination. Period. In other
words, paying a collection will not keep it on your credit report for
a longer period of time if you are diligent.
http://www.cdsw.com/FAQ.htm
As a general rule, information remains in the credit file for 7 years
from the date of last activity or the date the document was filed with
the courts. Some of these items are:
TransUnion
Closed or Paid accounts.
Accounts sent to collection or charged to profit and loss (charged
off).
Legal records such as judgments and tax liens (this includes child
support judgments).
Bankruptcy Chapter 13 will remain in the file for 7 years.
When accounts reach the time limit listed above, they are
automatically purged from the credit file. No action is necessary on
your part.
* New York state residents only: satisfied judgements remain in the
credit file for 5 years from the date filed: paid collections will
remain on file for 5 years from the date of last activity with the
original creditor.
NYC Consumer Affairs
http://www.ci.nyc.ny.us/html/dca/html/credit.html
In New York State, information about a judgment that was satisfied 5
years after it was entered cannot then be reported after that 5 year
period.
Equifax
http://www.credit-reports-equifax-experian-transunion-trw.com/credit-report/Equifax-credit-report.htm
Courthouse Records
Remain for 7 years from the date filed, except:
Bankruptcy-Chapters 7 and 11 remain 10 years from the date filed.
Bankruptcy-Chapter 13 non-dismissed or non-discharged remains 10 years
from the date filed.
Unpaid tax liens remain indefinitely.
Paid tax liens remain for up to 7 years from the date released.
Paid or unpaid judgments remain on file 7 years from the file date.
New York State Residents Only: Satisfied judgments remain 5 years from
the date filed, paid collections remain 5 years from the "date of last
activity".
Experian (formerly TRW)
http://www.experian.com/business/liens.html
When a tax lien is paid or otherwise settled – and the government
agency reports the payment or settlement to the courts – the lien is
considered "released." Tax liens remain on a business credit report
for four years and nine months from the date they were filed, whether
released or not.
Advice on Correcting Your Credit Report
If you find any factual mistakes or out-of-date information in any of
your credit reports, you should contact the credit bureau
immediately, in writing, using certified mail with a return receipt
requested to show when you sent the letter and when it was received.
Under the Fair Credit Reporting Act, the credit bureau must
investigate your dispute within 30 days. Once the agency receives your
inquiry, it will check with the creditor whose information you are
questioning. You should receive a written notice telling you the
results of the examination within five days of its completion, as well
as a copy of your corrected credit report if it has been changed
because of your complaint. If you win your case, the creditor is
required to notify the other credit agencies so they can correct their
records.
search strategy: new york tax lien credit report, "new york state"
"consumer credit" "credit report" , "new york state" "tax lien"
"credit report"
Once I've verified this information, I'll submit it as an answer,
unless you need something additional.
Nellie Bly |
