I just checked my credit report and it has this information about that collections account:

COLLECTION ACCOUNTS:
Count: 1
Balance: $400.00
Current: 0
Delinquent 0
Other 0

Account Name: XXXXXXXXXX
Account Number: XXXXXXXXXX
Acct Type: Collection Department / Agency / Attorney
Acct Status: Closed
Monthly Payment:
Date Open: 4/1/2004
Balance: $400.00
Terms: 1 Month
High Balance:
Limit:
Past Due: $400.00
Payment Status: Seriously past due date / assigned to attorney, collection agency, or credit grantor's internal collection department


Does all of this mean that I don't have to worry about them coming after me, since the account is closed?