Consumer Protection Law
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If they are agreeing to dismiss the judgment and submit it as satisfied in agreement for you paying the agreed settlement amount, they need to give you that in writing.
As long as they give it to you in writing you can enforce the agreement against them and there is nothing shady they can pull.
As far as arguing improper service, you have no idea or recollection (as you said above) about service and it is now too long after this judgment to challenge on improper service since you have known of this for at least 5 years (you had 1 year from learning of the judgment to challenge it on service grounds).
So if the creditor is willing to settle, they need to put the agreement in writing and if they do then you can enforce it.