This is absolutely wrong. To the OP, try to work out a payment plan with them.
No it isn't.
The negative marks on this account will stay on his credit report for 7 years. How much they affect his score will be dependent on future on time payments
of existing credit accounts.
But the negative marks will still be on his report, which will affect his ability to get decent credit everywhere, unless Chase can be convinced to remove them.
This post was edited on 2/22 at 9:59 am