Credit terms are very foreign to me. Please help!

What do these terms mean?
1. Charge off
2. Account closed... is that good?
3. Transferred/Closed
4. Purchased by another lender

Am I correct when I say that if the account was purchased by another lender, then possibly that account and/or delinquency may be on your credit for more than 7 yrs?

Thanks in advance to all you smart people!

You please disregard this question... I accidentally posted it twice, but with 2 different topics... don't answer this question please!! I tried to delete it and either I can't, or I don't know the proper way to do it...