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Originally Posted by kristinecfp
Assuming the information is correct, all you can really do is call the creditor to make sure they show your account was actually closed (many of us quit using credit cards and assume they are closed, when they may in fact still be open). You can also request that they stop reporting on the account if it is closed, but they are not required to stop reporting before the 7 year statute expires.
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I think the 7 year-period doesn't have anything to do with the creditors. Creditors don't have any obligation to report to credit bureaus, although they do have an obligation to correct wrong info they previously reported, to report if a person voluntarily closes their acccount, and they have to notify the date of delinquency on collection/charge offs.
The law is that the credit bureau can't include in a credit report certain information that is adverse (e.g., collections) if the item is more than 7 years (technically, it's 7.5 years) old.