Should you pay a charge off that is listed on your credit report?

If you legitimately owe the debt, you should pay it, regardless of the statute of limitations or any adverse affect of it being on your credit report. A debt is a debt, and you have a moral obligation to repay it if it is legitimate and you are able to do so.

Check and see what you statute of limitations are in your state--you might have 2 yrs or you might have 15 yrs, depending on the state and type of debt. If the statute of limitations has passed, you still owe the debt, but the creditor cannot take any course of action against you (credit reporting, litigation, garnishment, etc.). http://www.creditinfocenter.com/rebuild/statuteLimitations.shtml#2

If you are still withing the SOL, it would be best to pay off the charge off as it could be turned into a judgment, that then will allow for a garnishment of your wages or a lien on property. Lots of things can happen and not all will be pretty. Best to pay and avoid the bad. Good Luck.

Only if the charge off would be removed within the next 2 years. If this is the case then it is best to wait and let it fall off on it's own.

A charge off will remain on a credit report for 7 years regardless if it is paid or not, if paid it should reflect the action in the entry.

The creditor can if they so choose file a lawsuit against the debtor in the circuit court in the county where the debtor resides.

If the creditor wins the suit (they always do) a judgment will be entered against the debtor.

The judgment can then be executed in accordance with the laws of the debtor's state of residence.

The preferred methods for enforcing a judgment are wage garnishment or bank account levy. Other alternatives, liquidation of non exempt property (bonds, stocks, etc.) seizure and sale of non exempt property (vehicle, boat, motorcycle, jewelry, etc.) or lien against real property.

Real property not protected by a homestead exemption can be subject to a forced sale.