do paid collections be rmoved from your credit file after five years if your a new york state residents?

Answer 1

Yes as long as it's paid but there are some exceptions.
NY has it's own version of both the FDCPA and FCRA.
(NY is the only state the has the 5 year reporting law for paid collections)

§380-j:
(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

The exceptions:

(2) The provisions of this subdivision shall not apply to:
(i) a credit transaction involving, or which may reasonably be expected to involve, a principal amount of fifty thousand dollars or more;
(ii) the underwriting of life insurance involving, or which may reasonably be expected to involve, a face amount of fifty thousand dollars or more; or
(iii) the employment of any individual at an annual salary which equals, or which may reasonably be expected to equal twenty-five thousand dollars, or more.


If it has been 5 years or more AND it is paid, you might send disputes to the CRA's that the account(s) are obsolete per the NY FCRA (even if you fall under the exceptions it won't hurt to try)

I would also suggest doing some reading in the link to NY laws that I have provided.

Answer 2

No, you have to initiate the process. Credit repair is the best way to do this. Usually companies charge hundreds of dollars to simply pull your credit and send correctly worded dispute letters—this is the key…..people will tell you that you can do this yourself for free but the truth of the matter is that the credit bureaus will throw your letters away or simply reject them. There is an easy to use online kit that will deliver the results you want available for just $19.95 at the source website. A similar kit is being sold via infomercials and radio talk shows for seventy dollars more but they try to solicit you repeatedly for other services after the fact.