For OC accounts, the credit report exclusion provisions apply only to individual adverse items reported on the account, not the account itself.
Any reported monthly delinquencies can no longer show under the account after 7 years, and any charge-off they reported can no longer continue to be shown in your CR after 7 years plus 180 days from the DOFD on the OC account. As any derogs are excluded, the account improves in payment history, until it eventually shows no derogs.
The reported dertogs remain in your file, but cannot be included in normal credit reports issued by the CRAs. They are retained in your file since under certain rare conditions, such as appllication for credit with a principal value of $150K or more, the CRA may still, if specifically reqested, issue a special credit report that includes the otherwise included derogs.
OC accounts are actually deleted in only one of two ways. Either the creditor reports deleltion, or the account has been closed for approx 10 years, at which time the CRA may choose to subjectively delete as no longer being of value to their customers.
Collections are not really accounts with the consumer, and as such are a bit different. As adverse items themselves, they beocme excluded in toto after the same 7 years plus 180 days from the DOFD on the OC account.
