Another question...

First of all Best buy (does retail services sound familiar?) is actually HFC, a division of London based HSBC. They are absolute butt munches to deal with and they will make your life a living hell for-the tiny-est amount of money. If you can pay it, I would. Since its been sent out to collections agencies, it would be worth the try to see if they would accept a settlement, say for the original amount of the debt, maybe debt and some fees. Check you state laws to see if its even legal for those fees and interest to continue to be added. If they do make a settlement agreement with you , make SURE you get it in writing, and get a letter stating the Settlement was paid , and the remaining balance has been written off and is noncollectable. Be aware if they forgive in excess of $600 you will be issued a 1099C and are required to claim that forgiven amount as income on your taxes.

In reference to your above question about reporting status, what I suggested there won't work with this account. The best your gonna get outta this one is a paid collection, or what ever the status is when you finally pay it off. But either way If you can pay this one, I would, they will only get worse.