re: Account closed by credit grantor

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Ha, you obviously don't know how hard it is to change a credit bureau do you?

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As a matter of fact I do. They start out saying "We are not allowed to report inaccurate information to the credit bureaus." While technically true, they aren't obligated to report at all. They can and will remove the late payments or the whole trade line if you're persistent.

ETA: I've had a medical collection removed by offering to "Pay For Delete" the collection agency. I paid them over the phone and "poof" they had it removed from my reports. Collections show up on your report even after you pay them unless you can convince the CA to remove them. I was lucky to be dealing with decent human beings who understood that my collection was from an honest mistake. Maybe the OP will have the same good fortune with Chase.

Hahaha, you're crazy if you think Chase is taking that off.
Medical collections are different than bank collections, There's no "pay for delete" option. Unless the bank made an actual mistake reporting his credit history, the "account closed by creditor" remark is staying on there.

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This is absolutely wrong. To the OP, try to work out a payment plan with them.

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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.

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There's no "pay for delete" option

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I just posted the pay for delete as an example. What he needs is a goodwill adjustment. Creditors do them all the time and Chase is one if the best at doing so.