New York State paid debt - CRA reporting

[NeutralCorner]

Hello All,

 

My question is primarily for New York State law bookworms. I keep reading on different sites statements such as this:

 

"But the black mark remains on your credit report for seven years, regardless of the debt's legal status.  (The one exception to the seven-year rule is for New York State residents, whose demerits disappear just five years after the delinquency, if they pay the charge-off amount or satisfy a court judgment.)"

 

What NY statue are they referring to? And how can I make CRA's to comply with the above? Also, did anyone have a success with settling the debt and then removing it this way?

[BV80]

@NeutralCorner

 

GBS 380-j (f)(iv)

 §  380-j.  Prohibited  information.  (a)  No consumer reporting agency shall report or maintain in the file on a consumer, information:

(iv)  accounts  placed  for  collection  or charged to profit and loss which antedate the report by more than seven years; or accounts placed for collection or charged to profit and loss, which have been paid and
       which antedate the report by more than five years.

[NeutralCorner]

@BV80

 

Thank you! With your information I was able to Google additional info in seconds, where before I had no luck at all.

Actually I even found a similar thread on this forum. http://www.creditinfocenter.com/community/topic/293340-ny-fair-credit-reporting-act/

I feel dumb now 

[BV80]

@NeutralCorner

 

You're very welcome. 

 

You're not dumb.  Sometimes we all just need a little luck or some extra search terms.