I had a very old charge off but now it shows I Ok under May 2008?

Question

i have not paid anything so why does it show the may 08 box as OK. Will it suddenly activate the account and restart the clock on the 7 year thing

Answer 1

They can't restart the clock. No one can. The 7 year clock starts the day it is reported delinquent and as I always say, NOTHING RESETS THAT CLOCK. Check the Date of Last Activity. How old is the account? If the date reported delinquent is longer than 7 years, it should be removed per FRCA.  

Answer 2

it could -- it might have been sold to a collector and the clock will restart!!!