I just recently found these boards and had a question that I hope someone can help me with. On my credit reports I have LVNV Fundding LLC reporting a collections account of a credit card I had back in 2005. The original debt has already fallen off my credit reports as it has been over the 7 year mark. However, the collections for it is still on the report. I have disputed the collections with Experian and TU and both came back as verified. What else can I do to get it taken off?
File a BBB Complaint(With South Carolina's BBB) and state that you never receieved a dunning letter, and you have never had a loan with them(it was listed as installment on mine).
That's all I did, bam, gone. Within 14 days. I couldn't believe it.
Experian: 693 | Transunion: 700 | Equifax: 690 | Utilization 4 %
Delinquencies on OC accounts have different exclusion dates than charge-offs and collections.
And the CRA might exclude OC account derogs earlier than their maximum inclusion dates.
So one is not directly related to the other.
A collection can remain for up to 7 years plus 180 days from the DOFD on the OC account.
Until that date has passed, the collection can remain. Once that max period has expired, if the CRA is still including it in CRs they issue, the proper procedure is to send a letter of complaint to the CRA for their violation of FCRA 605(a)(4) and 605(c).
if you want THE definitive date used by the CRA to determine CR exclusion, you need the reported DOFD that is of record in your credit file.
That is the date the CRA must use, not any later DOLA.
Creditors and debt collectors are required under FCRA 623(a)(5) to report the DOFD whenever they report any information pertaining to an account charged-off or placed for collection.
If your commercial credit report does not provide the specific DOFD, you can send a request to the CRA under FCRA 609(a)(1) and get the reported date in your file. It is coded as the "FCRA Compliance/Date of First Delinquency."
You can then compare it with your account records to determine if it is accurate.
Before launching complaints and disputes, you may wish to obtain the date reported to your file before alleging improper reaging.
I had an account that went to LVNV Funding. I disputed it twice and didn't get anywhere. I called them and they were not very helpful. Only took $100 off the total amount and said they wouldn't go any lower. I said I couldn't do it, they then transferred me to Capital Management. They were a lot nicer to deal with, they reduced my total amount by 60%. I paid it and it was completely removed off of my credit after 30 days.
Thanks for all the helpful advice. I checked my CR and the DOFD was 1/13/2005. I knew it was around that time because like I stated, the OC dropped off my CR exactly 7 years later. So the 7 years and 180 days is coming up on the LVNV baddie.
My questions is, are they allowed to change it to an installment loan and keep zapping me with 30 day lates? I disputed it the first time it happened but it just got validated again. I am going to try the BBB route, it seems to be the most effective in dealing with this CA. This is the only negative on my report and I am anxious to get this taken care of.
No, they cannot "change it to an installment loan."
In fact, you have no type of account agreement with a debt collector. Thus, you dont have any billing statement due dates upon which to base any account delinquency.
If you see reference to "installment" in connection with a collection, it is a reference to the type of credit with the OC that led to the collection.
Collection activity must all cease to be included in your CR upon expiration of the 7/180 period from DOFD.