ballys and asset acceptance

hello,

Ive been in a kind of unique situations for a while. about 4 years ago, i got a joint membership with ballys for the summer while I was home from school. I two friends signed up with me. We cancelled the account by sending the $150 cancellation fee that they required and we thought we were done.

A year later, I check my credit report and I find Asset Acceptance wanting $3000 from me. It was on all 3 of my credit reports at the time. I called them, they told me to call Ballys, and I called Ballys. Bally's told me they never received the cancellation fee. Then they told me that my two friends and I had to have moved 25 miles away from any ballys center in order to cancel. All three of us went to schools in different locations and one of my friends was 10 miles away. There's no way we could meet that requirement. Also, where the heck did that $150 go??

Not knowing what to do and busy with college and in the process of starting a business, I never figured out a way to get rid of them. I checked my credit reports again a couple of months ago. Asset Acceptance's $3000 debt was gone from both TransUnion (surprise) and Equifax. It remained however on my Experian report.

The experian report also has a heading "Status Deatials: This account is scheduled to continue on record until March 2013". Does that mean if I dont do anything until then, It'll go away by itself? I doubt it but I wish that were the case. If I dispute the item, will it "renew" the account or even put the item back onto my Equifax and TransUnion account?

I'm about to get out of college in two months where all my other credit items are in good standing. I have no idea what to do. Anyone that can help will be greatly appreciated.

thanks!