(It's a myth that there's an IRS 7 years 'statute of limitations'. It's far more nuanced than that: https://www.irs.gov/businesses/small-businesses-self-employe... )

However, it's still a reasonable time frame, and also, probably coincidentally, 7 years after the last update on any individual record is how long it will take to essentially reboot your U.S. credit report, so seven years sounds quite reasonable.