Advice please :)

[marythekayaker1]

Hello all!

This is my first post. I've been reading the community posts for a few days now - I must say that it's a huge comfort knowing that there are so many people here who are willing to help. So now I'm ready to jump in and begin rebuilding my very (very very) ugly credit scores.

I have a couple of smallish collection accounts that I can PIF so I have sent each a PFD letter.

I've hit an obstacle with this one - so my hopes go out to you guys for some help please I'll start with the basics....

The Original Creditor:

CreditOne Bank

DOLA 5/2008

Balance $568

Charged off/Bad debt collection

Collection on CreditOne CC:

LVNV Funding LLC

DOLA 5/2008

Balance $863

Largest past balance $569

Now I just recieved this letter:

Northland Group, INC

(It states on the top "Current Creditor:LVNV Funding" ......... "Previous Creditor: Credit One Bank"

They state that the current creditor "LVNV Funding"  has assigned the above refferenced...and goes on.... to Northland Group. It states that LVNV Funding purchased the account from Credit One.

They have offered a settlement of $388.38

Sorry for the info overload.

So my question is - Who actually owns this account (who do I pay?) I would have thought CreditOne because they are still reporting a balance on my EQ report.

And who is Northland Group if they don't own the account.

Also, I wouldn't think this but do I send a PFD for the settlement offer? I lean towards no because the SOL in my state is 6 years. So do I send a PFD if I PIF? What would you advise I do?

Any help would be so great!!!

My current scores as of 7/18/2011 are TU 531 and EQ 546. I know they stink... but I'm determined to improve them...

[casmith1980]

From what I've come to understand, if Credit One is listing a balance still owed on your credit report, then they still "own" your account.  If an OC sells the debt to a CA, they have to list the current balance as $0.

If Credit One shows a balance - request a PFD with Credit One.  if they take up the offer, then mail that to the CAs.

If Credit One shows $0 balance - get in writing that LVNV/northland will REMOVE their entry from your CR after payment.  The chances of Credit One removing their entry is slim, but you can GW them after payment to show that you paid.

[marythekayaker1]

Thank you casmith1980...

Credit One is still showing a balance so I will contact them first. They threw me for a loop with the "charged off/bad dept" on my report... but they are still showing a balance. Also, LVNG Fund is reporting seperatly on my report with 120+ day lates which is killing my score. They update my balance (increasing btw) every month!

[casmith1980]

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@marythekayaker1 wrote:

Thank you casmith1980...

Credit One is still showing a balance so I will contact them first. They threw me for a loop with the "charged off/bad dept" on my report... but they are still showing a balance. Also, LVNG Fund is reporting seperatly on my report with 120+ day lates which is killing my score. They update my balance (increasing btw) every month!

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Depending on how you contact Credit One (writing or phone call) confirm with them that their listing with LVNV will be removed once you work out a deal.  Then, if a deal is reached with Credit One (in writing), mail a copy of that letter to LVNV to speed of the process of having them remove it from your CRs.  I wish you luck!!!

[marythekayaker1]

Will do... Thank you again! You're a life saver!