I need guidance on an issue with my u-4. When It came to question 14, where they ask if you have ever had any settlements I marked no, to my knowledge I had not had any. I had to do an annual background check and it turns out when my credit was checked I had a small amount (under$200) go into collections with a phone company.This happened back in 2009. I settled and paid $58. This was when I was young, around 19 years old and in college. I had totally forgotten about it. Now I have to write an explanation to compliance and my S7 & S24 are in jeopardy. Any advice on writing the letter? Do you think my licenses will be taken away?? Help!