topic Re: LVNV BBB Response in Rebuilding Your Credit

LVNV BBB Response

Tryingtogetthere — Thu, 06 Sep 2012 19:24:01 GMT

Here is the response I received today from LVNV regarding a BBB complaint about them reporting as a Factoring Company. Did they just sell the debt to someone else? No mention of any TL deletion. The is due to fall of my CR's in 2/2013. Would someone buy it that close to the fall off date?

How should I respond?

Any help would be greatly appreciated!

MESSAGE FROM BUSINESS:

September 6, 2012

Linda *******

408 N. Church St. Suite C

Greenville, SC 29601-2164

RE: ****** *. ****; Case/File No. ******

Reference Number: **********

Dear Linda ******:

This letter is in response to ****** *. ***** complaint dated August 30, 2012. LVNV Funding LLC (“LVNV”) currently owns account number ending in 0019. Resurgent Capital Services L.P. (“Resurgent”) is the servicer of accounts owned by LVNV.

After further investigation, the following account has been closed. We apologize for any inconvenience experienced regarding this account. Additionally, Mr. ***** should receive no further communication from our office regarding this account.

Acct No. xxxxxxxxxx0019 Reference No. ******** Previous Owner: Arrow Financial Services, LLC

If we do not receive additional information from you within 45 days of the date this letter is received, then we will assume this dispute is resolved. If you have any further questions, comments or concerns, please contact Customer Service at 888-665-0374.

Sincerely,

P. ********

Compliance Department

Resurgent Capital Services L.P.

Re: LVNV BBB Response

RocketChick — Thu, 06 Sep 2012 19:47:58 GMT

I beleive with them stating that the account is closed, I beleive that means they will delete it from your TL. Also with it being so close to fall off, there is a possiblity they may try to sell it. Did you already accept this offer from them?

Re: LVNV BBB Response

RocketChick — Thu, 06 Sep 2012 19:53:30 GMT

I just went back and read my response I got from them last week. It should say something about them deleting the tradelines and that they will not sell it. They may try something else!

Re: LVNV BBB Response

RobertEG — Thu, 06 Sep 2012 20:16:20 GMT

I am unsure of what was your basis for complaint as it relates to them reporting as a factorng company.

A factoring company buys delinquent debt at a discount. I dont see how that relates to their reporting of collection on their asset. If they owned it, they had authority to attempt collection.

Regardless, closing of their collection does not mandate its deletion. The issue with their reporting is whether they had legitimate right to report collection authority. As the stated owner of the debt, I dont see basis for contesting their reporting.

In fact, if they sold it to another, that party could also report their collection on the debt.

The issue of ultimate credit report exclusion resides with the CRA, not the debt collector. The debt collector is not barred from reporting at any time. However, they are required, after any reporting of a collection, to provide the correct DOFD to the CRA in order to enable the CRA to comply with its CR exclusion requirement.

Once its CR exclusion period has passed, if it still appears in your CR, then inquiry to the CRA regarding their compliance with FCRA 605(c) is the path.

Until that time, I see no need for any response on your part.

Re: LVNV BBB Response

snsforever916 — Thu, 06 Sep 2012 20:20:13 GMT

Tryingtogetthere wrote:
Here is the response I received today from LVNV regarding a BBB complaint about them reporting as a Factoring Company. Did they just sell the debt to someone else? No mention of any TL deletion. The is due to fall of my CR's in 2/2013. Would someone buy it that close to the fall off date?

How should I respond?

Any help would be greatly appreciated!

MESSAGE FROM BUSINESS:
September 6, 2012


Linda *******
408 N. Church St. Suite C
Greenville, SC 29601-2164

RE:       ****** *. ****; Case/File No. ******
Reference Number: **********

Dear Linda ******:

This letter is in response to ****** *. ***** complaint dated August 30, 2012. LVNV Funding LLC (“LVNV”) currently owns account number ending in 0019. Resurgent Capital Services L.P. (“Resurgent”) is the servicer of accounts owned by LVNV.

After further investigation, the following account has been closed. We apologize for any inconvenience experienced regarding this account. Additionally, Mr. ***** should receive no further communication from our office regarding this account.

Acct No. xxxxxxxxxx0019          Reference No. ********             Previous Owner: Arrow Financial Services, LLC

If we do not receive additional information from you within 45 days of the date this letter is received, then we will assume this dispute is resolved. If you have any further questions, comments or concerns, please contact Customer Service at 888-665-0374.

Sincerely,

P. ********
Compliance Department
Resurgent Capital Services L.P.

Mine also stated that they would delete and not resell. Is this debt still in SOL? If so, you should not have contacted BBB.

Oh...just re-read your post. They probably won't delete because it's so close to being off your report. Probably not a wise choice to BBB an account that will fall off in 5 months.

Re: LVNV BBB Response

Tryingtogetthere — Thu, 06 Sep 2012 20:25:52 GMT

This account is well out of the SOL. It will hit the 7.5 year mark in February 2013 so it is well past the 4 year mark.

As far as them reporting as a Factoring Company... Many people have stated that they filed a complaint and where successful on this issue. They are a JDB, not a factoring company. From what I understand factoring companies buy accounts in good standing, not collections. They are reporting the account as 1 month terms with KD's. This is the problem.

Re: LVNV BBB Response

snsforever916 — Thu, 06 Sep 2012 20:40:52 GMT

Tryingtogetthere wrote:
This account is well out of the SOL. It will hit the 7.5 year mark in February 2013 so it is well past the 4 year mark.

As far as them reporting as a Factoring Company... Many people have stated that they filed a complaint and where successful on this issue. They are a JDB, not a factoring company. From what I understand factoring companies buy accounts in good standing, not collections. They are reporting the account as 1 month terms with KD's. This is the problem.

Yep, I saw that. While I agree with everything you are saying, I would not have contacted the BBB on an account that would be removed from my credit report in less than 6 months. So, now you are in the same position that you were before and a collection agency that may buy an account within SOL in the future.

Re: LVNV BBB Response

Tryingtogetthere — Thu, 06 Sep 2012 20:48:41 GMT

Just looking for a little clarification on what you mean. The SOL can not reset when the account is sold right? The DOFD with OC was in early 2006. I'm am trying to remove it now becasuse I am buying a house in the next 3 months.

Re: LVNV BBB Response

snsforever916 — Thu, 06 Sep 2012 21:38:04 GMT

Tryingtogetthere wrote:
Just looking for a little clarification on what you mean. The SOL can not reset when the account is sold right? The DOFD with OC was in early 2006. I'm am trying to remove it now becasuse I am buying a house in the next 3 months.

No, the state of limitations will not reset but they may or may not delete. They may resell to another company which will tank your score, making it lower than it is because it will be a new collection from 2012, not 2011, which has aged a bit. If they do not delete, you will have to pay before you get a loan. If I were you, I'd wait the 5 months and let it fall off!

Re: LVNV BBB Response

Tryingtogetthere — Fri, 07 Sep 2012 01:10:32 GMT

Ok, I understand. Thank you for the help! What should I do now that they have sent that response? Reply back asking for clarification? Call them? Or just wait and see what happens?

Re: LVNV BBB Response

acrylic51 — Fri, 07 Sep 2012 02:33:44 GMT

Tryingtogetthere wrote:
This account is well out of the SOL. It will hit the 7.5 year mark in February 2013 so it is well past the 4 year mark.

As far as them reporting as a Factoring Company... Many people have stated that they filed a complaint and where successful on this issue. They are a JDB, not a factoring company. From what I understand factoring companies buy accounts in good standing, not collections. They are reporting the account as 1 month terms with KD's. This is the problem.

I've been researching a bit on the "factoring company", and for the most part "factoring companies" do buy good accounts, but there are those that do buy bad debt. You are correct the problem would be them showing the account as open and KD's......That is the problem not how they list themselves.....

Re: LVNV BBB Response

novabama — Fri, 07 Sep 2012 02:39:54 GMT

Re: LVNV BBB Response

snsforever916 — Fri, 07 Sep 2012 04:31:51 GMT

Tryingtogetthere wrote:
Ok, I understand. Thank you for the help! What should I do now that they have sent that response? Reply back asking for clarification? Call them? Or just wait and see what happens?

I would just wait and see? If they are going to delete it will be off in about 3weeks.

Re: LVNV BBB Response

ecindc — Thu, 28 Mar 2013 10:50:07 GMT

Also, junk and debt collectors may list themselves as "Factoring Companies" instead of debt collectors to claim that they're not subject to FCRA regulations on debt collections. The FCRA states that any collection agency that reports negative information to one or more credit agencies must notify the consumer within 30 days of the first reporting of the negative information.

However, the FCRA considers any company who is not the original creditor and reports information to credit reporting agencies to be a collections agency.