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Moderator
guiness56
Posts: 22,408
Registered: ‎01-17-2008
0

Re: Another LVNV success

For credit bureau purposes a CA, debt collector and factoring company are the same thing.  Many CAs who buy debts call themselves that.

 

The actual CA does not report a KD.  It is the CRA that uses that code.  It is a description of the account and in and of itself has no impact on your score.  It is the associated account that does, such as a collection or CO.

New Member
matrixkitteh
Posts: 10
Registered: ‎03-06-2013
0

Re: Another LVNV success

[ Edited ]

The Right to Validate Your Debt

 

Under the FDCPA, you are allowed to validate this debt, and the creditor (in this case, the collection agency) must show you proof that you owe the debt to the collection agency (not to the original creditor.)

 

The specific section of the FDCPA:

 

FDCPA Section 809.  Validation of debts   [15 USC 1692g]

 

(b) If the consumer notifies the debt collector in writing within the thirty-day period described in subsection (a) that the debt, or any portion thereof, is disputed, or that the consumer requests the name and address of the original creditor, the debt collector shall cease collection of the debt, or any disputed portion thereof, until the debt collector obtains verification of the debt or any copy of a judgment, or the name and address of the original creditor, and a copy of such verification or  judgment, or name and address of the original creditor, is mailed to the consumer by the debt collector.

 

Plus, they must show proof positive that you owe them this debt.  It's not enough to send you a computer-generated printout of the debt.  There is an opinion letter from the FTC to back this up.

 

So, if a creditor can't validate a debt:

  • They are not allowed to collect the debt,
  • They are not allowed to contact you about the debt, and
  • They are also not allowed to report it under the Fair Credit Reporting Act (FCRA).  Doing so is a violation of the FCRA, and the FCRA states that you can sue for $1,000 in damages for any violation of the Act.

The opinion letter from the FTC which clearly spells out that a collection agency CANNOT report a debt to the credit bureaus which has not been validated:

http://www.ftc.gov/os/statutes/fdcpa/letters/cass.htm

 

 

 

Edited to remove a link to CIC. Links to that website (and certain others) aren't allowed on here. - llecs, myFICO moderator

Know your rights. Question everything with boldness.
Senior Contributor
DaBears
Posts: 3,930
Registered: ‎10-26-2012
0

Re: Another LVNV success

In your other post, you did a DV to the BBB to the CA, it came back validated. Period!!! They did their job. So what is the issue now?

New Member
matrixkitteh
Posts: 10
Registered: ‎03-06-2013
0

Re: Another LVNV success

@ DaBears so we meet again. Why do I get the feeling that you work for a collection agency and are trolling this forum to discourage people. They are listing themselves as a factoring company and not a CA and are reporting KD's on my report each month. I received no prior dunning notice as they are claiming before reporting to the CRA's. I have the right to fight these TL's on my CR's and I will. I have read many success stories in these forums who had the identical LVNV reporting as I and managed to get LVNV to delete the TL's. Nothing is impossible. But thanks for putting in your 2 cents. :smileywink:

Know your rights. Question everything with boldness.
New Member
matrixkitteh
Posts: 10
Registered: ‎03-06-2013
0

Re: Another LVNV success

Plus, Resurgent claims LVNV purchased the Capital One account on Feb 28, 2008 and my last payment to Capital One was received on June 27, 2007. So both Statute of Limitations in the state of California have expired. With that being said, according to the following information I have a case against Resurgent/LVNV.

 

Statutes of Limitations on Debt Laws in California

California laws regarding debt collections contain specific language about the types of contracts that are protected under the law and the length of time such contracts are pursuable in a court of law. California residents should be aware of debt laws to protect against creditors operating outside the constraints of California code.

Credit Debt

  • The statute of limitations for credit card debt in California is four years.  After the statute of limitations expires, the past due or delinquent credit debt  --- in addition to any penalty fees --- is rendered "uncollectable." Debt  is classed as "uncollectable" if a debtor is not legally required to pay it.  Statute of limitations start from the last day of activity on an account, not when a debtor enters into a credit card agreement.

Written Contracts and Promissory Notes

  • Creditors only have four years from the last date of payment on written  contracts and promissory notes. California law is clear when it comes to statute of limitations on written contracts and promissory notes. If a payment is made  to satisfy a written agreement, the statute of limitations reverts to zero. For example, if, in a 46-month period, a debtor ignores all notifications to remit payment on a written contract and then makes a payment for the minimum balance  due (minus penalty fees), the statute of limitations reverts to zero and the debtor is legally responsible for any balance owed including penalty fees.

Know your rights. Question everything with boldness.
Moderator Emeritus
llecs
Posts: 32,881
Registered: ‎08-04-2007
0

Re: Another LVNV success


matrixkitteh wrote:

@ DaBears so we meet again. Why do I get the feeling that you work for a collection agency and are trolling this forum to discourage people. They are listing themselves as a factoring company and not a CA and are reporting KD's on my report each month. I received no prior dunning notice as they are claiming before reporting to the CRA's. I have the right to fight these TL's on my CR's and I will. I have read many success stories in these forums who had the identical LVNV reporting as I and managed to get LVNV to delete the TL's. Nothing is impossible. But thanks for putting in your 2 cents. :smileywink:


Ditto to guiness56. It's the CRA reporting the KDs (I bet EQ, right?). Per FICO scoring, it doesn't matter. Per lenders, they still see it as a CA anyway. IMO, I'd focus on the removal of the baddie over the reporting of smaller items like KDs. 

 

Factoring company doesn't mean anything. It's another term for a CA.

 

Lack of a dunning can be an issue but you'd have to prove they never sent a dunning. That'll involve court if wanting to go that route. They are allowed to report prior to receiving a dunning. Remember, the dunning is a FDCPA issue. Reporting is a FCRA issue. Two different things.

 

 

 

 

Moderator Emeritus
llecs
Posts: 32,881
Registered: ‎08-04-2007
0

Re: Another LVNV success


matrixkitteh wrote:

Plus, Resurgent claims LVNV purchased the Capital One account on Feb 28, 2008 and my last payment to Capital One was received on June 27, 2007. So both Statute of Limitations in the state of California have expired. With that being said, according to the following information I have a case against Resurgent/LVNV.

 

Statutes of Limitations on Debt Laws in California

California laws regarding debt collections contain specific language about the types of contracts that are protected under the law and the length of time such contracts are pursuable in a court of law. California residents should be aware of debt laws to protect against creditors operating outside the constraints of California code.

Credit Debt

  • The statute of limitations for credit card debt in California is four years.  After the statute of limitations expires, the past due or delinquent credit debt  --- in addition to any penalty fees --- is rendered "uncollectable." Debt  is classed as "uncollectable" if a debtor is not legally required to pay it.  Statute of limitations start from the last day of activity on an account, not when a debtor enters into a credit card agreement.

Written Contracts and Promissory Notes

  • Creditors only have four years from the last date of payment on written  contracts and promissory notes. California law is clear when it comes to statute of limitations on written contracts and promissory notes. If a payment is made  to satisfy a written agreement, the statute of limitations reverts to zero. For example, if, in a 46-month period, a debtor ignores all notifications to remit payment on a written contract and then makes a payment for the minimum balance  due (minus penalty fees), the statute of limitations reverts to zero and the debtor is legally responsible for any balance owed including penalty fees.


Even if SOL expires, any creditor can still collect. They can collect forever. In CA, if you pay a debt the SOL will reset. That's why they'll bug you. They're hoping that you pay just a couple buckets to get them to go away and that results in SOL restarting.

 

Per reporting, they have up to 7-7.5 yrs so even if SOL expired, they can still report.

New Member
matrixkitteh
Posts: 10
Registered: ‎03-06-2013
0

Re: Another LVNV success

@ llecs Hmm... now I'm confused, doesn't "uncollectable" mean uncollectable and isn't it considered "Zombie Debt" after SOL has expired? Like I said before, I have read many other success stories on several threads in these forums to know the LVNV TL's can be deleted successfully. They haven't proven that I owe THEM the debt. How do I know the OC actually sold this cc debt to them? That was my initial question. Them simply stating it and showing dates proves nothing.

Know your rights. Question everything with boldness.
Senior Contributor
DaBears
Posts: 3,930
Registered: ‎10-26-2012
0

Re: Another LVNV success


matrixkitteh wrote:

@ DaBears so we meet again. Why do I get the feeling that you work for a collection agency and are trolling this forum to discourage people. They are listing themselves as a factoring company and not a CA and are reporting KD's on my report each month. I received no prior dunning notice as they are claiming before reporting to the CRA's. I have the right to fight these TL's on my CR's and I will. I have read many success stories in these forums who had the identical LVNV reporting as I and managed to get LVNV to delete the TL's. Nothing is impossible. But thanks for putting in your 2 cents. :smileywink:


First, I do not work for a collection agency!!!! If you read my other 368 postings I actually am here to help people who want to do right and better themselves and not be a snake about it and can't man up to there responsibilities!!!!! there is nothing wrong with a CA listing themselves as a Factoring Company, any consumer attorney will tell you the same. Fico still sees them as a CA. The CA is NOT i repeat NOT listing the KD's. The CRA is listing it.  Key Derogatory by itself is not going to lower the score, that is just a notation so people reviewing the report can see it. The CA does not need to inform you of their listing on your CR. If in fact you claim you saw LVNV on your CR's that was the point to send a DV to the CA to validate. You are not stating why you choosed to use the BBB right off the bat. Just so you know just cause you want them off your CR doesn't mean your bad debt goes away. It stays in your file....Good luck trying to seek the easy way out!!!!!!

Moderator
Shogun
Posts: 12,952
Registered: ‎04-15-2011
0

Re: Another LVNV success

Just a note from your friendly neighborhood mod reminding everybody to please play nicely.

 

Maybe I can shed a little light on this one for you.  You have a debt that is past the SOL of your state.  That means that they cannot take you to court and get a judgement for you.  That's a good thing.  However this debt is still within the CRTP and can still be posted to your CR.  That's a bad thing.

 

(FYI, a "Zombie debt" is referred to a debt that has passed both the SOL and the CRTP, so that's not the case here.)

 

You are saying they never sent you a dunning notice.  Are they saying they did?  Unfortunately if they have good records and do show that they have sent one, it's kind of a moot point.  Have you moved?  Is there another address associated with this account or with your CR?

 

The fact that they are reporting as a "factoring company" doesn't really matter.  I totally disagree with that type of reporting, but there is nothing that prevents them from reporting that way.  The problem arises when they used this reporting in an inappropriate manner.  Because it does give them the ability to report as an OC rather than a CA, it can be abused.  The KD reporting I would assume is from EX.  That's where I usually see it.  Now that is not listing a monthly derogatory, It could be CA in that and it would be perfectly fine.  It's when it lists 30,60,90 etc. monthly lates that this becomes an issue.

 

I have used the BBB complaint myself in the past, and with good success.  However my balances were $0 and they weren't willing to put up as much of a fight with a paid account.  I also had 2 LVNV collections on my CR in the past, I paid both of them and they were removed via GWs.

 

If there is anyway that we can be of help, please don't hesitate to ask.  


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