Reply
New Member
Posts: 3
Registered: ‎02-20-2013
0

Help regarding mistake and LVNV Funding

Hello....I really need some guidance on this as I am in the process of applying for a mortage and I have cleaned up my credit report.
I received a letter from Source RM on 1/22/2013 about a debt that they are collecting on behalf of LVNV Funding. They sent me a dunning notice and at the end it states that the law limits how long you can be sued and that they will not report to the credit reporting agency. I sent them a timely DV regarding this allege debt and they responded with the date of last payment which was 2/2012. Here is where I think I have messed up. A year ago before I knew anything about DV or SOL I received a notice from a different agency regarding this bill which had already reached its SOL and had been deleted from my credit report... The DOFD was 4/2001. I made one payment on it then stopped. I guess LVNV has brought it from the previous company. Now they are saying that I can pay them $470.73 and they will considered this as settled in full. The total bill they are reporting is 1,569.09. If I have restarted the SOL I will pay what they are asking for and can the put this back on my credit report?
Valued Contributor
Posts: 2,661
Registered: ‎04-25-2011
0

Re: Help regarding mistake and LVNV Funding


Resha wrote:
Hello....I really need some guidance on this as I am in the process of applying for a mortage and I have cleaned up my credit report.
I received a letter from Source RM on 1/22/2013 about a debt that they are collecting on behalf of LVNV Funding. They sent me a dunning notice and at the end it states that the law limits how long you can be sued and that they will not report to the credit reporting agency. I sent them a timely DV regarding this allege debt and they responded with the date of last payment which was 2/2012. Here is where I think I have messed up. A year ago before I knew anything about DV or SOL I received a notice from a different agency regarding this bill which had already reached its SOL and had been deleted from my credit report... The DOFD was 4/2001. I made one payment on it then stopped. I guess LVNV has brought it from the previous company. Now they are saying that I can pay them $470.73 and they will considered this as settled in full. The total bill they are reporting is 1,569.09. If I have restarted the SOL I will pay what they are asking for and can the put this back on my credit report?

I think if you don't bring it to current, it doesn't reset the SOL?? I think?

 

Uhm, the letter says they will not report and cannot sue, so they clearly believe the DOFD is beyond the 7 1/2 year range.. In my opinion but its a tough cal 

 

-scott

Starting FICO Score: 10/10: TU 498 | EQ: 502 Current FICO Score(lender pull): 09/14: TU: 784 | EQ: 752 | EX: 784
Collections Removed: Hunter Warfield, CBE Group, Merchants Credit Guide, EOS-CCA, Enhanced Recovery, Portfolio Recovery, UCB, American Collection Company, Medical Business Bureau, Jefferson Capital, Credit Portfolio Associates, FCO, LVNV, Convergent, Armor Systems
Other Negative Entries Removed:Plains Commerce CO, HSBC CO, 2008 Judgment Santander Reposession


Positive Accounts:10/10: 0 | 07/12: 6 | Mortgage Closed 5/12, Macy's AMEX $13900, Citi/Home Depot $8500, Capital One Cash Rewards $3500, BOA $7500 Total Utilization: 3%. AAoA: 2yr, 9mth. INQS: 1 TU, 1 EQ, 3 EX
Epic Contributor
Posts: 22,406
Registered: ‎01-17-2008
0

Re: Help regarding mistake and LVNV Funding

It depends on your state laws.  In 18 states simply making a payment does not restart the SOL.  In the rest of them it can, regardless of whether the debt is brought current or not.  Again, depends on your state.

New Member
Posts: 3
Registered: ‎02-20-2013
0

Re: Help regarding mistake and LVNV Funding

Thanks for the responses. Now I am in Washington,DC do you know if I have restarted the SOL or where I can check? I google the SOL for DC but I have not found anything about restarting the SOL.
Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.