Statue of Limitations in NY
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Posted by Mike
on February 13, 2002 at 21:15:46:
In New York , SOL is 6 years. If the last payment on an account is September 1995 and account was closed in November 1995, would SOL start in September or November of 1995? Either way it is now past 6 years and I can't be sued any longer right? Secondly, the 7-year clock starts in September 1995 or November 1995? As far as I understand 7-year clock starts after the last payment on the account is made. In that case it is September 1995. So in September of 2002, the tradeline should come off my credit reports, regardless of when the collection agency placed it in the credit report. I am thinking here 7-year clock starts on default date, not when creditor placed account with a CA or when the CA placed it in the credit report.
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