if i pay will i get a new date of last activity?

I've pulled my "free" credit report from all three bureaus. I recently received a phone call from a creditor from Capital One, stating that I owe x amount of dollars. The last report of activity was 9/99.

I guess my question to you would be, if I pay the amount (or make payments) hypothetically today, would my credit report show, that the last date of activity is today? And therefore start the 7 year cycle again? Or, chalk it up as a loss, and pray for next year to hurry up and come
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yes the redate can happen
you might sit tight and hope nothing else happens
if it does
validate the debt first
negotiate if it can be validated
pay if you have done the above and can afford it
keep new good credit open.