You can request a debt collector verify the amount and validity of the debt they claim is owed by you. Validation is helpful when debt is repeatedly sold.
Charged-off account does not mean the debt is no longer owed (unless you file for bankruptcy). Creditors still retain the right to collect the full amount.
If a merchant uses Telecheck to verify checks, your checks can be denied even if you have money in the bank or have never bounced a check.
Charge-offs that update monthly inflict continuous pain on credit scores. If a charge-off has an open status and amount reporting credit utilization goes up.
July 1 marked the date new rules went into effect basically removing nearly all civil judgments and some tax liens from credit reports.