As discussed, the creditor can still legally collect on a charge-off, file suit or refer the account to a collection company as long as the account is within your state’s statute of limitations. This is assuming that the account is not relating to fraud or identity theft issues, in which case you’d be able to do fraud and identity theft claim. The statute of limitations is the duration of time a creditor is allowed to collect on a debt in a specific state. Find out what the statute of limitations for debts is in your state. You should never dispute a valid and accurately reporting charge-off account if it’s within the statute of limitations and if it’s an account you are unable to settle in a lump sum payment. Disputing such a debt may put you on the creditor’s radar and they may be more likely to file suit.