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I haven't read anything yet that supports this claim. Even on a fico forum, they indicate this will just be a paid collection that will hold the "all knowing" credit score down in "worthless" territory.

When I said "not needing credit", I mean no NEW credit. I easily have over 20yrs of flawless credit history that no longer matters, including a mortgage that has been paid like clock work. Yes, I have all the files pulled and probably 10 accounts, all with perfect repayment schedules. However, I already know, and have been told by lenders, that score means I now won't qualify for for dick, and will be put in the "repo/bankrupcy" group. At this point, I am seriously considering filing for bankruptcy because I don't see any point in trying to carry perfect credit, only to be ruined by a simple issue.

Yes, Verizon has already said they will report for the next 7yrs.

Yes, I am pissed. I think anyone in my shoes would be. And bringing it to this forum to be shredded by attorneys was not the best idea to find help.
Don't get so discouraged by this event or the responses you get from this forum. These guys love to tell people they are screwed. They get some kind of kick out of it.

The last I checked I had an 843 credit score, yet I had a few blemishes a few years back. I co-signed on a snowmobile that was not paid off and I was unknowingly on my ex-wife's credit card that she missed a few payments on) Don't sweat it and definitely do not go bankrupt or stiff anyone. It will pass. Also, anyone that matters will be able to see that is was an insignificant unpaid debt.

Chin up and dust yourself off.