I was the Credit Manager for a manufacturing company for a couple of years. Most of our customers were bike shops owned by one person. So we had to look at their personal credit to make a decision. I became quite familiar with both personal credit reports and corporate ones.
I had a credit card company take me to collection over $20 plus late fees and I refused to pay them because I never got the merchandise. Even though they wrote it off and they weren't trying to get me to pay it any longer, it was still considered an open debt. That listing stayed on my credit report long after seven years had passed.
The last time I tried to re-fi my rental property, the finance company refused to close with that open collection listed on there. I still refused to pay. The finance company actually paid the amount for me. I told them it was fine as long as they didn't charge it back to me in the closing costs. They did not. The listing immediately disappeared from my report because the activity all happened over seven years ago.
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