I was a XXXX with a friend who bought a XXXX. 
in that process he opened XXXX XXXX and needed merchant service accounts ( servicing all the credit card trasnsactions ) at all XXXX locations. I had to sign the merchant service agreements for all XXXX locations for a five yr term as his credit was n't good enough at the time. After 2 years all the stores had failed. The Merchant service company -First Data wanted me to pay for the {$540.00} a month for each store after they were closed for the remaining 3 years. I offered to send them back their equipment and told they are no longer offering any service. They wanted a settlement figuire for a substantial amount. I was trying to work out some arrangement with them so I offered a {$100.00} a month for as long as they wanted the payments to be made. They wanted some lump sum settlement and then they filed on my credit report that it was " Bad debt & placed for collection & skip ''. This is what is reported under XXXX. XXXX shows it as " Charged off as bad debt ''. 
It has caused my credit score to drop seriously.