Lady Scarlet, I felt the same way as you do just 1 week ago...today I have to disagree. A LOT can happen with a collection account in 4-5 years. I have to say, I think you'll eventually regret your decision.
My chances of obtaining a good low APR car loan just plummeted with the updating of my 4 yr. old collection being reported as new. I'v seen posts on this board even worst than mine...people trying to get mortgages and having this same thing happen to them. They would have been much better off with the paid collection showing on their reports. Betting lots of people here wish they had just gone ahead and paid the old collection BEFORE it was resold.