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SOL tax lien example


ElorraM
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I hope someone can help me with this. I have been confused about this for awhile. Sometimes it is hard to get a complete answer. I am trying to understand state tax lien SOLs, with an actual example. Can anyone tell me if this example is incorrect, or if any part of it is incorrect? Thanks.

Say you live in New York which has an SOL on tax liens of 5 years.

Does that mean if it is satisfied it will only stay on your credit report 5 years from the date satisfied, instead of 7?

If it is unpaid, does that mean it would be released in 5 years? Then--this part I am really unsure of--would it stay for an additional five years (since the SOL is 5 years), or would it stay 7 years as per the credit bureas?

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Actually, I was under the impression that tax liens can remain on your report for 7 years as per the FCRA, but that state statutes can overrule the federal rule of 7 years. (hence why I was using the NY example)

I know that the SOL for how long you are legally obligated to pay debts has nothing to do with how long items remain on your credit report; however, aren’t state tax liens (and judgments), the exceptions???? That technically the SOL for collecting and reporting state tax liens (and judgments) are the same thing?

If not then why have I read on this site and elsewhere things like, "The FCRA allows judgments to be listed for 7 years or longer if the governing statute states so."

I have been trying to figure this out forever, and am having trouble getting a complete answer.

I am frustrated trying to understand...would really appreciate it if someone could/would clarify.

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