In 1995 I incurred a debt and was sued by my credit union for the amount of $2,500. The credit union attempted to collect on several occasions but with no success they eventually cut their losses and sold the account to many different collection agencies. In 2006 as I was I the process of purchasing a home and new collection agency forced me to pay a judgment of $5,500. After making the $5,500 payment I received a satisfactory of judgment from the creditor. Also I should mention is that the creditor never recorded the judgment as been satisfied. My question is since this debt originally occurred in 1995 and its 2011 shouldn’t this be well beyond the time frame allowed to reflect negatively on my credit report? How can I remove this item that’s sixteen years old? I believe that the courts here in California provided the creditor a ten year extension to collect the debt, but since it has been paid should it reflect my credit report currently?
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In California the SOL is of 4 years. Now, if you add 10 years of extension it comes to 14 years. So, it seems to have gone past that period and unless you made any more payments in between, it should be removed. You may try disputing it. A sample letter is shown below:
http://www.creditmagic.org/repair/dispute-letter.html