In plain language, the statute has two time frames. The first is an account can remain on the credit report for 7 years from the date the account was charged off and the second is that an account can remain on the credit report for 7 and a half years from the date the first delinquency occurred. You have to remove it when the first of the two occurs.
So, if you have an account that has a DOFD a year before charge off, you would have to remove the account in 7 1/2 years even though that was before the 7th anniversary of the charge-off.
Conversely, if you charged the account off only 90 days from DOFD, you would remove the account 7 years from charge-off, as that date comes first.
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