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Valued Member
Posts: 43
Registered: ‎06-15-2012
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GE Capital Bank & LVNV Funding. How to proceed?

[ Edited ]

 

Back in 2007(I was 18) I got a PayPal credit card(Stupid of me) with a $200 limit. Of course, I ignored it, and now it's something I want to fix. Amazing what five years of real world will do to ya, huh?

 

Well, on my credit report it reads: Derogatory, Collection Charge off under GECRB/PAYPAL SMART CON with a $410 balance. Purchased By another lender.

 

SOL in Kentucky is 5 years on Credit Cards. Which, the SOL should be up in September 2013

 

Anywho, LVNV Funding is listing as a Factoring Company, and reporting it as an installment loan. So, kinda confused on how to handle this? LVNV is saying the debt is $709

 

I was thinking about sending a "Goodwill Letter" to GE Capital, but didn't know if the SOL would cause me any trouble.

 

How should I handle this? What would you do?

Epic Contributor
Posts: 20,114
Registered: ‎03-19-2007
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Re: GE Capital Bank & LVNV Funding. How to proceed?

[ Edited ]

Is the debt collector the only one who has reported to your CR?  If so, a GW to the OC would have no effect on the reporting by the debt collector.

And if the debt collector has purchased the debt, the OC would also be out of the payment picture.

 

While you did not provide the DOFD on the OC account, it would obviously be sometime after opening in 2007, so the collection can remain for 7 years plus 180 days, making the earliest CR exclusion date sometime in 2014 or 2015.  Expiration of SOL is unrelated to CR exlcusion date.

 

It would seem to me, based on what has been stated, that you should be dealing with the debt collector, not the OC.

Possibly a PFD offer, providing they are not now under a cease collection bar.  Did you DV the debt collector?

Valued Member
Posts: 43
Registered: ‎06-15-2012
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Re: GE Capital Bank & LVNV Funding. How to proceed?

[ Edited ]

Thanks for response, RobertEG. 

 

The Original Creditor(PayPal) last reported date was October 2008 on my CR.

 

LVNV Funding last reported date was May 2012.

 

Both of their names are on my TU, EX, and EQ Credit Reports.

 

My main thing about SOL is that I don't want to be sued, or awaken a sleeping giant so to speak. 

 

What I was wondering, is there any way to get GE Capital(PayPal) to delete the tradeline entirely? Or do I just wait until it falls of?

 

I have not sent anybody anything. I'm just doing some footprinting on what to do, so I don't cause myself more trouble. lol

Epic Contributor
Posts: 20,114
Registered: ‎03-19-2007
0

Re: GE Capital Bank & LVNV Funding. How to proceed?

If both are reporting, neither has the ability to delete reporting made by the other.

Getting the OC to delete either their reported derogs or the entire OC account wont compel the debt collector to delete their reporting.

Paying the OC will require the debt collector to close the collection, and report a $0 balance under collection.

Similarly, getting a PFD acceptance from the debt collector wont mandate any deletion by the OC, but if the collection is the more serious derog, would probabaly be the most beneficial in scoring.

 

If you work with the OC, it is usually preferable, unless the account has a low age, to get only the derogs deleted as opposed to the entire OC account.

Then it will remain as a positive TL, assisting your AAoA.  How old is the account, compared to your current AAoA?

Valued Member
Posts: 43
Registered: ‎06-15-2012
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Re: GE Capital Bank & LVNV Funding. How to proceed?

 


RobertEG wrote:

If both are reporting, neither has the ability to delete reporting made by the other.

Getting the OC to delete either their reported derogs or the entire OC account wont compel the debt collector to delete their reporting.

Paying the OC will require the debt collector to close the collection, and report a $0 balance under collection.

Similarly, getting a PFD acceptance from the debt collector wont mandate any deletion by the OC, but if the collection is the more serious derog, would probabaly be the most beneficial in scoring. Gotcha, so they're two seperate entities. 

 

If you work with the OC, it is usually preferable, unless the account has a low age, to get only the derogs deleted as opposed to the entire OC account.

Then it will remain as a positive TL, assisting your AAoA.  How old is the account, compared to your current AAoA?  The Account does have a low age, I never even made a payment, but on the CR I have nine months of OK's, and then the 30, 60, 90, 120,150, and eventually the CO happens. I'm not sure what the AAoA means.

 

Do I contact the OC on the phone or in writing? 

 

Thanks, sir, appreciate all the help.

 


 

 

 

 

Valued Member
Posts: 43
Registered: ‎06-15-2012
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Re: GE Capital Bank & LVNV Funding. How to proceed?

[ Edited ]

And, since they're both reporting, does that mean I have to pay both? (I responsed above in red text)

Epic Contributor
Posts: 20,114
Registered: ‎03-19-2007
0

Re: GE Capital Bank & LVNV Funding. How to proceed?

Until the debt is paid, I would not even invest in the postage to request any GW deletion from the OC.

 

OC derogs thru 150 late plus a CO is a serious string of derogs, most likely on par with the collection.

If you want to go the path of paying the OC, then send a PFD offer, not a GW request.

 

If the OC is now reporting $0 balance on their account, that would signify that they have sold the debt, thus precluding any payment to them, PFD or otherwise.

Does the OC still own the debt?

Valued Member
Posts: 43
Registered: ‎06-15-2012
0

Re: GE Capital Bank & LVNV Funding. How to proceed?


RobertEG wrote:

Until the debt is paid, I would not even invest in the postage to request any GW deletion from the OC. Gotcha. 

 

OC derogs thru 150 late plus a CO is a serious string of derogs, most likely on par with the collection. 

If you want to go the path of paying the OC, then send a PFD offer, not a GW request. Okay, that makes sense. Stupid 18 year old I was, lol.

 

If the OC is now reporting $0 balance on their account, that would signify that they have sold the debt, thus precluding any payment to them, PFD or otherwise.

Does the OC still own the debt?  On the Credit port it says balance of $410, but it also says Purchased By Another Lender.  That doesn't make sense to me. Shouldn't it be reporting as a $0?


 

Valued Member
Posts: 43
Registered: ‎06-15-2012
0

Re: GE Capital Bank & LVNV Funding. How to proceed?

Another thing I have noticed, LVNV Funding, and the PayPal account have the same collection account number. Does this mean anything to you?

Valued Member
Posts: 43
Registered: ‎06-15-2012
0

Re: GE Capital Bank & LVNV Funding. How to proceed?

So, since the OC(GE Capital Bank) still says $410 balance on the CR, I'm going to send the OC a PFD letter. Should I offer the full balance or a certain percentage of this debt?

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