If this account is from 2002, removing it may cause more harm than good.
Do you have other accounts this old? You have to look at how your average age of accounts would be affected without this account. If it would cause a major change, I would just PIF.
If you can PIF, you might even be able to negotiate the OC removing the CO notation and re-opening the account.
I would certaintly speak to someone with authority at the OC and explain the circumstances.