Can I remove a collection from my credit report?

I have a question about a collection account on my credit report. When I was 17 years old, I had a checking account under my mother's name. I eventually opened my own checking account at a different bank. Apparently, the account under my mothers name had over drafted like $1.35 or something small like that. I was unaware of this. I had turned the card over to my mother, told her I want to close my account, and was no longer using the account when this happened. Because of fees, this became a huge amount of $172 for the $1.35 over draft. Because I had no knowledge of this, the account was turned over to a collection agency. This was in 2007-2008. I've been very responsible with my credit and my score was around 725. This collection just showed up out of nowhere on my credit report in July of 2010 and now my score is a horrible 640. It states, "account seriously past due date/account assigned to attorney." My question is, can I dispute this? I was under 18 when I started the account in the first place. It was under my mother's name. I had no knowledge of the overdraft because my mother, who has horrible credit, didn't think to inform me. Thanks for any advice.