aging late payments - when fully aged

[Anonymous]

When a late payment ages past 7 years does the entire account fall off the credit report?

or does only the late payment detail fall off while the account itself stays on the report?  

I have a student loan that has a late payment 5 years old.  The loan itself is mislabeled an auto loan.  Right there I have grounds to dispute and get it removed but then the entire account would be removed, correct?  

In a perfect world the late payment would be removed but the account itself stays on the report, therefore helping with age of credit.  This has happened to me in the past where I had an account that was 20 years old on the report.  There were no late payments reporting, but I must have had a late payment at some point in the mid 2000s.  I don't know when exactly but I know I missed a lot of payments around 2003 and 2007.  anyway, the point is that account simply had 'not available' for certain months in the payment history, and 'paid' in other months.  

I'm guessing the 'not available' months were the late payment months and that those payments simply aged off the report  Of course, now the entire account has aged off.....

I'm sure someone knows the answer, it's probably been discussed in previous threads....just couldn't find the exact answer

thank you

[Anonymous]

The lates will fall off (at year 7) while the account stays on.

Closed accounts fall off ten years after the account was closed.

Disputing accounts can sometimes result in the creditor deleting the account altogether.

[RobertEG]

As for removal of an entire account based on finding some inaccuracy in reported information, a dispute pertains only to the verification, correction, or if neither can be done, then deletion of the inaccurate information under dispute.

If you assert an inaccuracy in some information that is secondary to the continued reporting of other information or of the entire account, such as the type of account, then resolution of that matter would not mandate deletion of the entire account.

If you assert, for example, that the account is misreported as an auto loan, correction could be effected in two ways without any remaining issues that would require deeltion of the account.  

First, after referral to the creditor, the creditor could simply correct the inaccurate reporting.

Second, even if the creditor does not verify or correct, the CRA has the authority via its reinvestigation of the dispute to do its own correction.  If your supporting documentation and/or arguments are persuasive, the CRA can simply correct without any issuing arising of deletion of the entire account.