NY State GBS Law

[longislandguy]

Just got off of the phone with Experian regarding the NY State GBS law. The law states that any charge off or collection which has been "paid" and antedates the credit report by more than 5 years must be deleted from credit. However, Experian states that the law only applies to chargeoff's or collections which have been paid in full not settled in full. This is confusing to me as the GBS law does not state with any clarity whether or not accounts which are settled are barred from this statute nor does it state "paid in full". The statute merely states "paid". Anyone familiar with this law care to chime in with some clarity on this?

[longislandguy]

Additionally, under the NYS GBS law, does the 5 year clock start after the chargeoff date or the first 30 day late which led to the chargeoff?

[LKH]

NY law does not differentiate between paid or paid in full. From what I see of the NY law, paid is paid and would demand they remove it or see them in court.