Rebuilding Your Credit

[palagretto]

So I received a settlement letter from Capital Mgmt Svcs on behalf of LVNV. The Letter shows LVNV as the "Current Creditor" . This is Inaccurate and false since LVNV is the JDB that bought the CO debt from Chase.

My question is what statute are they violating?

Thanks for any help,

-Mike

[maluba]

idk the answer, but here's a bump!

[Jutz]

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palagretto wrote:

So I received a settlement letter from Capital Mgmt Svcs on behalf of LVNV. The Letter shows LVNV as the "Current Creditor" . This is Inaccurate and false since LVNV is the JDB that bought the CO debt from Chase.

My question is what statute are they violating?

Thanks for any help,

-Mike

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CAs will often outsource the debt themselves, especially if they are not able to collect in your state.  Probably legit, but worth looking into.

[RobertEG]

If the debt collector has purchased the debt as opposed to only being an assignee of the current creditor, they can assert as such.

They dont claim to be the "original" creditor.

Such assertions cross the line when they additionally assert that you have an active account with them based on their purchase of the debt.

One debt collector seems to have a standard practice of reporting an installment loan with the consumer. 

No specific statutory violation if all they are asserting is being a "creditor" based on purchase of the debt.

The FDCPA and related case law is clear that they are still a debt collector, and thus subject to all provisions of the FDCPA.

In any dispute over the accuracy of such reporting, if their reporting were found to be inaccurate, they would always have the option of simply correcting it.

Thus, it would not be basis for requiring deletion of their collection.  Not worth the hassle unless they are additionally asserting that you have an account directly with them, and based upon such an "account," are making reporting of account delinquencies.