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Soss, ty, informative thread.
Is it true that nothing greater than 7 years old is seen on your credit report (specifically late payments)? This is assuming you have never had a bankruptcy.
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Well, yes and no. Specific accounts that were closed 7+ years ago as well as late payments that occurred more than 7 years ago will automatically drop off (if they don't, go to
www.annualcreditreport.com and dispute them using the "too old to report" option.
Accounts that are 7+ years old, but still active, will have an open date of whenever you opened it.
For instance, let's say you had a credit card you opened in 1995. You had good payments except one 30 day late in 1997. That account would still show up on today's report with an opened date of 1995, but it would show perfect history, the late would have fallen off in 2004.