How long does it take for charge offs to be removed from a credit report?

When I was young and naive, I had 10 credit cards. Half of them I paid off, but the other half were sent to collections where they have been languishing. While in collections, they have been accumulating more debt due to late fees and other assorted nonsense (some collection agencies have added twice what the original credit limit was). I attempted to start paying them off 4 years ago but found I wasn't getting anywhere. Although this is not the right thing to do, it is my understanding if you don't pay for a certain number of years (determined by each state), these blips on your credit report disappear. I would like to start paying off the companies directly, but the collection agencies make that impossible. Is the myth that these things get magically erased from your credit report true or am I in big trouble?

How long does it take for charge offs to be removed from a credit report?
Keep in mind the statute of limitations for each state is different than the reporting period (for your credit report). For example, the sol might be 4 years in your state, but the reporting period is still 7.





Whatever you do, don't pay them! Charge offs that old will do nothing for your credit, paid or not. Let them fall off. If they haven't come after you by now, they probably won't.
Reply:For you and for anyone that is going to stop paying on a credit card a little piece of advice...





Notify the company in writing, return receipt requested (ask at the post office because that will be your proof), that you are closing the account as of that date. That will stop any more charges being added to your account such as interest and late fees.
Reply:They will eventually be removed from your credit report, the maximum time is 7 1/2 years, some states is as short as 4 years.
Reply:7 years
Reply:Gerrygoll is totaly in correct stating it could be resold. After your debt get charged off it falls off 7 years. Now lets say a new collection agency buys it and resets the clock, dispute it if they do not get it off they broke the law. You could then sue them