West Bay Acquisitions, LLC Collection Notice without validity Internet

I received a notice from  West Bay Acquisitions, LLC out of Cranston, RI indicating that I owed $47.90 for late notices for movies rented at Hollywood Video.  With Hollywood Video long out of business it makes it hard to dispute, but the business had a practice of not renting additional movies until late fees were paid on other rentals.   

I don't like the idea of having something on my very clean credit report saying I owe money.  However, I feel like this is extortion so I'm not going to pay it.