Experian reporting on closed account

Giddykipher

I'm hoping someone can help me clear up something with regards to Experian. I have a closed account on there (I didn't close it, it was transferred to another lender) and the closed account reflects some old late payments (over 5 years old). Had the lender kept the account, those arrears would be almost gone by now. As it stands, they are showing if you delve into the closed account (which shows as settled). Someone has told me that these will start dropping off experian as well once they exceed the 72 month limit. Is this true? If so, why are they still showing? I assumed they would be visible if a lender wanted to look until 7 years after the account was closed.

Any knowledge appreciated.

Thanks

Giddykipher

Thanks everyone, your responses are greatly appreciated!