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The term ‘7 year old account’ is kind of vague. In order to consider this condition, an account must first be in a status that can have a 7 year calculation. For example, a collection account will have a date of first delinquency. This date does not change unless it is a correction, so credit bureaus will use this date to determine the age of the collection account.

First reason to stop reporting an aged account:

The date of first delinquency is 7 years or older. At this point just remove them from your monthly reporting either by deleting them from your reporting system or exclude them from the reporting.

Related Error Messages:

  • Date of First Delinquency (DOFD) exceeds the allotted time per FCRA regulation or the reported Date of Account Information (DOAI) is too old.
    • Description: The Date of First Delinquency (DOFD) is older than 7 years or the reported Date of Account Information (DOAI) is older than 10 years.
      • Example of older than 7 years: DOFD = 01/01/2001 and Status code 97 (Charge off)
      • Example of incorrect DOAI: Activity date is 04/01/2013 and DOAI is 04/01/2003.
  • Corrective Action:
    1. If the Date of First Delinquency is accurate and older than 7 years with a delinquent/derogatory status; remove from reporting.
    2. Confirm the reported Date of Account Information is accurate; if older than 10 years remove from reporting.