Paying an out of date bill does indeed reset the statute of limitations in many states and does allow it to update your credit report with more lates up to the current payment.
Wasn't talking about Statute of Limitations, was talking about 7-1/2 year reporting period.
Paying a delinquent bill with a payment that doesn't bring the account current has no effect on the reporting period. There is no such thing as "more lates" if the account is delinquent. As an example:
You miss your January payment, then
you miss your February payment, then
you miss your March payment, then
you make a payment that doesn't bring the account current
How long can any adverse information regarding the account be reported? 7-1/2 years from January.