"2) Statute of limitations in most of Canada is ONLY two years! That means you DON'T have to pay if they didn't contact you within that two year time frame - and, that means in addition to #1 (forcing them to PROVE you owe it), that they can't hold it against you."
Errrr, the above isn't an accurate statement; the limitation period in most of Canadian provinces and territories is still 6 yrs. Some provinces (Ontario included) have a 2yr period.
Either way even if the limitation period is effective, it only means they can't be successful at a lawsuit IF you use the limitations act as your defence. You will still owe the money, and it will still be on your credit report.
If you owe the money it should be paid.
If you don't owe the money and the item is inaccurately reported to your credit report, you can fix that by reading Monty's DIY credit repair ebook here:
/canadian-credit-repair-ebook.html
It’s a very useful read and I highly endorse it.