Let sleeping dogs lay?

[ramb37]

I just found out a judgement was filed on my credit report in February, 1998 by an equipment leasing company. This was based on a personal guarantee I provided to my now defunct corporation.

In 1995, I signed a termination agreement with the franchisor in which he took the responsiblity to continue paying on the equipment lease. There are other details, too many to mention, but suffice it to say he obviously stopped paying on it some time in January 1998.

I was never notified of this judgement and have never had any collection calls from the leasing company about this judgement. Also, since this company filed this judgement, they sold out to another leasing firm, and then that firm sold out to a third firm.

The judgement is shown as a charge off.

Question:

I would like to dispute the judgement on the grounds of lack of notification, but fear I run the risk of opening up this can of worms with the latest leasing company.

If I pursue this, will the latest owner of the lease paper suddenly decide to pursue me for payment? Will I have to pursue the Franchisor, if that happens?

I am thinking I should let "sleeping dogs lay!" The judgement will fall off in 2005, per the Credit Reporting Agency. However, this will delay us in obtaining a mortgage.

The leasing paper work indicates the lease is under the jurisdiction of the state of Massachusetts.