Open Bank Account listed on my credit report
I have a listing for an open bank account on my credit report that hasn't been used for nearly 8 years and already went to collections and even fell off the report (the collection) due to time elapsed, it is marked as an Installment account for $570. I thought it was closed when it went to collections but it remains on the report as open; can the bank keep an account open AND sell it to a third party collection agency? Is there anything I can do to get rid of it? If I pay it off will they add the collection back onto the report?