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When was the original default on the account? The date of first delinquency sets the timeline for deletion of derogs. If it's been seven years since the account went delinquent, then the lates would have fallen off, leaving only the rest of the positive payment history and the age of the account as a benefit now.
If you lose the negatives but keep the positive history, it's a benefit in that it's a positive closed tradeline and its age helps your overall age factors.