The charge off is older than 7 years and you should dispute that it is still reporting. So after you send off your letters for the collections, you may want to start putting money away to satisfy or settle or judgment - or wait until 2015 for it to fall off. Even after you satisfy your judgment it will still sit on your credit report until 2015 but it will say satisfied or work with the courts after you satisfy it to have it removed (you may want an attorney or paralegal to assist). If they find you between now and then, it is possible they could garnish your wage, etc.
that is all I can find on it - I don't have first hand knowledge. Maybe others have better advice.
05/12: approx 680 across the board
04/08 EQ: 730 TU: 748 EX: 718
03/08: EQ: 713 TU: ? EX: ?
12/07: EQ: 689 TU: 711 EX: 721
