What's up credit community, I recently figured out that in New York it only takes 5 years from the first missed payment for a collection to fall off your report. And 5 years from the beginning of delinquency for Charge-Offs. So my wild thought of the day is, would it be possible for someone to legally move to New York in order for their derogatory accounts to drop off quicker?
Lemme know your thoughts below, as my suspicion is that the debts would have needed to occur IN New York for that to be the case. However, If anyone has a living story about whether this is true or not would be really cool to know! 
I'll ping @Anonymous and perhaps he can give guidance.
@RobertEG wrote:New York State General Business Law Section 380-j
“(f)(1) Except as authorized under paragraph two of this subdivision, no consumer reporting agency may make any consumer report containing any of the following items of information.
(i) bankruptcies which, from date of adjudication of the most recent bankruptcy, antedate the report by more than fourteen years;
(ii) judgements which, from date of entry, antedate the report by more than seven years or until the governing statute of limitations has expired, whichever is the longer period; or judgments which, from date of entry, having been satisfied within a five year period from such entry date, shall be removed from the report five years after such entry date;
(iii) paid tax liens which, from date of payment, antedate the report by more than seven years or, a paid, satisfied or vacated tax lien involving a purchaser, transferee or assignee in a bulk sale transaction who has been deemed liable by the state tax commission for sales taxes due from a seller, transferrer or assignor under subdivision (c) of section eleven hundred forty-one of the tax law, where the receipt by a credit reporting agency from such purchaser, transferee or assignee of a notice, or true copy thereof, from the state tax commission to such purchaser, transferee or assignee that his liability has been wholly paid or satisfied or no longer exists, antedates the report by more than thirty days;
(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; “
@RobertEG wrote:The five year exclusion provision for paid charge-offs and collections is based on your residency at the time the exclusion is reached, and NOT upon any residency requirement at time of DOFD. The language of the statute relies only upon residency when the determination is made, and makes no reference to any prior residency requirement at time of initial delinquency or date that they made the accounting charge-off.
See New York State General Business Law, Section 380-j.
Simply stated, you need only show current NYS residency at the five year mark. It is not necessary or relelvant to show NYS residency at a prior time, such as DOFD or when the debt was charged-off or placed for collections.
The CRAs will often, before granting exclusion based on NYS residency, require some prooof showing current residency, and informal calls to the CRA may not necessarily be accepted by the CRA as proof of residency.
@RobertEG wrote:The shortened NYS exclusion provision for collections and charge-offs applies ONLY if the debt has been paid.
The NYS statute explicitly provides for a full 7 years exclusion period for collections and charge offs if the debt remains unpaid.
To clarify any questions regarding the specifics of NYS exclusion provisions, which incidently also applies to judgments that are satisfied within 5 years, it might be useful to post a full copy of the exclusion statute, which should answer your questions.......
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New York State General Business Law Section 380-j
“(f)(1) Except as authorized under paragraph two of this subdivision, no consumer reporting agency may make any consumer report containing any of the following items of information.
(i) bankruptcies which, from date of adjudication of the most recent bankruptcy, antedate the report by more than fourteen years;
(ii) judgements which, from date of entry, antedate the report by more than seven years or until the governing statute of limitations has expired, whichever is the longer period; or judgments which, from date of entry, having been satisfied within a five year period from such entry date, shall be removed from the report five years after such entry date;
(iii) paid tax liens which, from date of payment, antedate the report by more than seven years or, a paid, satisfied or vacated tax lien involving a purchaser, transferee or assignee in a bulk sale transaction who has been deemed liable by the state tax commission for sales taxes due from a seller, transferrer or assignor under subdivision (c) of section eleven hundred forty-one of the tax law, where the receipt by a credit reporting agency from such purchaser, transferee or assignee of a notice, or true copy thereof, from the state tax commission to such purchaser, transferee or assignee that his liability has been wholly paid or satisfied or no longer exists, antedates the report by more than thirty days;
(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; “
@Anonymous wrote:This info up above is exactly what I was going to reply with. @AllZero nailed it.
@Anonymous Thank you for providing your discussion on that post. It was your and RobertEG information that was helpful.
I said it once before - if there's one thing I've learned in my time here, it's when Robert says something, you should listen. He's straightened many of us out on our misconceptions and as a result, we can all benefit 
@Anonymous wrote:Thanks for all of this infromation @AllZero !
At this point it's clear that the ambiguous language used in section 380-j regarding a debt being "satisfied" I'm sure has only led to complications regarding whether or not a settled debt (for less than the total balance) would fall off at 5 or 7 years. Now the question is how easy would it be for someone to claim residency in NY for the sole prupose of dropping baddies of their TU/EQ reports. In theory if one could open a bank account and set that address to one in NY, than maybe without ever leaving your home state derogatory remarks could fall of your credit report (TU/EQ)
There lies the conundrum. If you really want the charge off to fall off quicker, you may have to actually relocate for your plan to go into affect without a hitch. You may need more than a open bank account set to a NY address. Bare minimum would be some proof of residency like a NY ID or driver's license, utility bill, home address and not a PO Box, etc. That's a lot of work. Not sure if it makes financial sense doing that instead of paying or settling for less on the collection / charge-off.