How long does debt remain on your credit report in New York

[steveswife]

We have fallen on some real hard times and I have quite a bit of debt such as credit cards. ect. One judgement against my husband and myself. I was wondering how long does debt stay on your credit report as at this time we have no money to pay off these debts. We live in New York State. I realize that companies buy these debts and thats why it is so confusing to me how long they remain on against your credit.

[zippysgoddess]

Regardless of who buys them, that doesn't change how long a regular debt can stay on your credit report, it is 7 and a half years from the date of last activity, which would be whenever you last charged or made a payment on the account in question.

This does not vary by state, the only time this changes is when they have a judgment against you, that is when it varies by state and in NY a judgment is good for 20 years and can be renewed for another 10 year lien.

[Betty]

A missed payment type of debt remains on credit report for 7 years; usually chapter 7, 11 & 12 bankruptcies 10 yrs. & unpaid tax liens 15 yrs. Actually, positive information may remain on report indefinitely.

[zippysgoddess]

The actual time, if you read the information in the law is 7 and a half years for any type of bad debt unless you have a judgment against you.

A tax lien would be the same as a judgment, however state and federal companies to whom you owe a debt do not have to sue you to get these liens.

[Betty]

Originally Posted by zippysgoddess

The actual time, if you read the information in the law is 7 and a half years for any type of bad debt unless you have a judgment against you.

A tax lien would be the same as a judgment, however state and federal companies to whom you owe a debt do not have to sue you to get these liens.

It may be 7 1/2 yrs. in NY but most of the time all 3 major credit report/bureau companies in articles they write (that I have read anyway)
say 7 yrs. w/o regard to state so I said 7 yrs. Yes, you are correct that a tax lien would be the same as a judgment - I probably should have told OP that. Have a good day, Betty

[Betty]

Originally Posted by zippysgoddess

The actual time, if you read the information in the law is 7 and a half years for any type of bad debt unless you have a judgment against you.

A tax lien would be the same as a judgment, however state and federal companies to whom you owe a debt do not have to sue you to get these liens.

Actually, per the FCRA, a negative entry can be reported for 7 yrs. + 180 days (6 mos.) starting from the date of first deliquency.
edited to correct spelling of a word.
edited to add addl. info. In the very vast majority of replies that I read the poster just says a neg. item remains for 7 yrs.

[zippysgoddess]

The other 180days, (6months) that you read in the FCRA, which is why I stated that length of time in my post, is more accurate, because the time is slightly extended due to various issues such as charging off the account, first collection attempts and etc. So the total it can end up being on your report is 7 and a half years but no more than that.

[Betty]

Originally Posted by zippysgoddess

The other 180days, (6months) that you read in the FCRA, which is why I stated that length of time in my post, is more accurate, because the time is slightly extended due to various issues such as charging off the account, first collection attempts and etc. So the total it can end up being on your report is 7 and a half years but no more than that.

Right. Betty

[Ladynred]

There is one NY-specific regarding PAID judgments - they can only stay on your reports for FIVE years per NY law, but it MUST have been paid.