Dollar amount sent to collection agency affect credit score?

I opened a Verizon cell phone account about 2 years ago. I had 30 days to return the phone to avoid a termination fee. After I returned the phone within that period, they charged me a termination fee anyway. After dealing with them for about 3 months, they finally took the fee off but claimed I still owe about $ 40 to have the account for a month, even if I never turned the phone on. I requested an adjusted bill that shows the breakdown charges; but rather they sent me to a collection agency when I refused to pay without a new bill. Now that $ 40 is on my credit report. Other than this, my credit history is spotless. I’m looking to obtain another home mortgage loan (selling my current home)? Do dollar amounts have any impact on the credit scores? Thanks!
Pamela below – thanks for the link but I do not understand Gibbrish.

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