I have a 2001 collection for 479. What should I do?

Bo, I have always stayed on top of my credit an recently noticed an entry in the collections section of my Equifax credit report from ATT Co. I have checked all three reports, and I have zero accounts in dispute and zero late payments over my 14 year credit history. I do recall a dispute I had with AT&T 6 years ago, but had since moved, forgot about the issue, and had not since heard back from them.In the Collection section, it has the first late payment listed on 1/2001and a balance of $479.00. I don't believe this has shown up in my account before. I recently purchased a home, and my broker thoroughly checked my credit and made no mention of any collections. In the past, when I checked my reports I would always verify whether any accounts were in dispute, andif any late payments where noted. I have yet to experience either of these Since this ATT account has never showed up in my list of creditors orpayments made, is there a greater change that making payment after 6 yearswill negitively affect my credit. Should I bother negotiated since my reports still state that all of my accounts are in good standing, and that I have never been late on anything? Thank you very much for your assistance.
Real Live Person

Bo Majors
to Real Live Human Being / show details / Feb 12

You said you were approved for a home loan which I know checks all three bureaus reports. You were approved and i assume happy with a decent rate.
2001 is 1 year from falling off. Forget about it unless you are contacted before the 7 years run out. If this happens negotiate (with AT&T only) to pay only if they completely remove the errant account.