Want to add...
I think where people get confused is that it is possible to "restart the clock" on the (SOL). Keep in mind that the rules on that vary by state.
Paying the chargeoff will not change the 7 year FCRA reporting timeframe on the credit report. Assuming it does, the creditor is illegally reaging and you can sue.
The only date that matters for determining SOL is the DOFD (date of first delinquency) and, most likely by design, this date is not reported by any CRA. The only way to find out what a CRA has for the DOFD is to call and ask or send a letter requesting it.
The DOFD is exactly that - the date the account went delinquent that lead to the account being charged off.
Contrary to some posts here, the date of last payment has nothing to do with DOFD. Here's why:
Say on Jan 01, 2005 you open a "0 payments for 6 months" account. You make charges but never make any payments on the account and it eventually charges off. In this case, the DOFD would be July 20 (or whatever the due date is), 2005 because that's the first payment that was missed. Because a payment was never made, the date of last payment will be blank on the credit report.
In the above example, if you miss July's payment but bring the account current in September, the DOFD resets until you miss your next payment.
See FCRA 605(a) 4&5 and FCRA 605( c)1 for more details.
