According to Cisco 3550 Troubleshooting
http://www.cisco.com/en/US/products/hw/switches/ps646/products_installation_guide_chapter09186a00803259d6.html
While the switch powers on, it automatically begins POST, a series of tests that verifies that the switch functions properly. POST lasts approximately 1 minute. When the switch begins POST, the port LEDs turn green, the system LED blinks green, the RPS LED turns off, and then the first two port LEDs turn off. When POST completes, the port LEDs return to the status mode display, and the system LED is green. If POST fails, the system LED is amber, and the port LED associated with the test is amber.
You really need to check the console during boot, connect via a rolled console cable, one is provided with just about every Cisco device, or get one of ebay very cheaply.
If the vendor doesn't have the credentials be suspicious of true ownership, but if you are sure it is relatively easy to perform a password recovery is you have physical access.
http://www.cisco.com/en/US/products/hw/switches/ps628/products_password_recovery09186a0080094184.shtml