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Hello Fools,
Upon obtaining my annual credit report for a check-up, I was shocked to see my local phone company had listed one of my closed accounts as a "Collection Chargeoff", esentially saying they were unable to collect the balance owed and reported it as a loss. The balance in question - $83!!! The quick background on this: In July, I moved, naturally closing all utility accounts as I left my residence. Typically, you cannot close an account without paying the full balance, right? Thinking everything was all tied up, I never gave it another thought. Now I get hit with this derogatory statement on my CR, even though I never knew the balance existed!

I spoke with the phone company, and agreed to pay the balance immediately, but they told me I was unable to do anything about the derogatory "chargeoff" listed for the past FOUR MONTHS (but they reassured me it would be gone in seven years)! Seems to me, if I pay the balance, they cannot report it as a loss.

Do I have any gound to stand on here, or should I just take my lumps and move on?

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