Seven and a half years from date of default in payments with the original creditor for collection accounts. Closing date does not affect credit reporting, because then they can close it any time or never close it. Same with placing for collections. The maximum time is to allow the consumer to clear their mistakes after the fixed period expires. See sample dispute letters below, especially letter 3.2 for obsolete letters.
Robert Stempler (please see DISCLAIMER below)
NOTICE: The above statements are provided for general information purposes only and are not intended as legal advice or advice of any sort for a specific case or legal matter. If you do not have a signed attorney-client fee agreement with the Consumer Law Office of Robert Stempler, APLC ("the Firm"), then until such written fee agreement is provided and signed by both a prospective client and attorney for a particular case, neither Mr. Stempler nor the Firm will represent you nor will they be your attorney in any matter and you remain responsible for retaining your own attorney and for compliance with any and all deadlines and for any statutes of limitations that may pertain to potential claims. Comments made on a public forum, such as Avvo.com, to not have any confidentiality because others may read them. If you desire a private consultation with Mr. Stempler that is confidential, please go to www.StopCollectionLawsuits.com and submit a free eCase Review.
It will come off your credit report seven and a half years from the date you defaulted on the payments with the original creditor, not from the original closed date nor from the date placed for collections.
The information presented here is general in nature and is not intended, nor should be construed, as legal advice. This posting does not create any attorney-client relationship with the author (who is only admitted to practice law in the State of California). For specific advice about your particular situation, consult your own attorney.
If you do nothing, the debt should be removed 7 years from the date you last paid. In many instances, collectors lose files, so if you dispute the date, you may be able to get it removed sooner do to collector oversight,
Hope this perspective helps!