LVNV Funding

[SpareMeTrix]

I haven't been contacted by them in a while.. I am cleaning up my credit reports now and see this company.  I also see the original credit card companies.

I have 3 CC's to pay that are or should be closed. All of them report as charged off/bad debt.  Can I still pay the original creditor, or do I have to investigate who owns the debt now?

I see LVNV Funding on my report for an amount about $200 higher than one of the CC's charged off, but they got it around the time it charged off?

I need to know what all the acronyms are that everyone keeps using...and more importantly, how is the best way to deal with LVNV?  Do I send a validation letter first?

They seem to be reporting as a Factoring Account with a line of credit that I am late on every month?  I also noticed that I have had a couple letters from other collection agencies, stating they work with LVNV?  So who do I send the letter to and who do I pay?

Stupid question here... once I pay off the debt, does the charge off and the collection agency fall off the report, or do they one or both stay on?

[guiness56]

Look at the bottom of my signature for common abbreviations.

Are the OCs on your TL showing a balance or 0.  Normally, if they show 0 they sold the debt.  If they sold the debt they legally cannot take money from you, you would have to deal with the CA.

What is the DoFD of the accounts,  what is your states SOL?

A real Factoring Company is someone who buys current account receivables.  This is NOT what LVNV is.  They are a collection agency, plain and simple.

Paying off the debt does not remove either one from your CR.  They can stay on for up to 7.5 years from the DoFD.

[SpareMeTrix]

On TU and EQ both the Original Creditor and LVNV show a balance that contributes to my debt to credit ratio.  So, I would pay LVNV, because the OC is listed as Profit/Loss write off?

Problem is, LVNV shows a balance on TU of $901 and EQ $915  and the original creditor shows up on both reports too with a high debt of $746, so it is adding up monthly...

If I pay LVNV, can I be sure that the $746 from the OC will come off my balance page?  It shows as $1661+ past due on both reports..

DOLA for all shows 4/09, don't see a listing for dofd.

So steps to correct this would be, DV letter first, then offer a payment in full or a settlement, wait for response..then pay..and cross fingers that I won't have duplicate entries for the same debt on my reports?

[guiness56]

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@SpareMeTrix wrote:

On TU and EQ both the Original Creditor and LVNV show a balance that contributes to my debt to credit ratio.  So, I would pay LVNV, because the OC is listed as Profit/Loss write off?  No, if the OC still lists a balance they still own the debt.  Profit and loss or CO are just accounting terms.  A collection account is not calculated into utilization.

Problem is, LVNV shows a balance on TU of $901 and EQ $915  and the original creditor shows up on both reports too with a high debt of $746, so it is adding up monthly...

If I pay LVNV, can I be sure that the $746 from the OC will come off my balance page?  It shows as $1661+ past due on both reports.. I would contact the OC before contacting the CA.  See if they still own the debt and if you can pay them.  Ask them if they will pull the account back from the CA.  The CA is adding interest and fees that is why it is more than the OC balance.

DOLA for all shows 4/09, don't see a listing for dofd.  Is there a comment, this will continue to report until.......

So steps to correct this would be, DV letter first, then offer a payment in full or a settlement, wait for response..then pay..and cross fingers that I won't have duplicate entries for the same debt on my reports?  Unless you can PIF, I would not send the CA a DV letter.  It may still be within SOL and they could sue you.

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[TheR105]

I had a similar situation, both the OC and LVNV were showing a balance with the same acct no. I disputed with the CB and the OC was changed to zero loan sold/charge off. Then I disputed LVNV and it was deleted from my report.

[guiness56]

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@TheR105 wrote:
I had a similar situation, both the OC and LVNV were showing a balance with the same acct no. I disputed with the CB and the OC was changed to zero loan sold/charge off. Then I disputed LVNV and it was deleted from my report.

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Were these accounts not yours?  Did you know the OC did not own the account?

[TheR105]

I disputed them as duplicate accounts, which they were and LVNV could not verify for debt. At the time I thought it was sold to LVNV not as CA but as another lender.

[guiness56]

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@TheR105 wrote:
I disputed them as duplicate accounts, which they were and LVNV could not verify for debt. At the time I thought it was sold to LVNV not as CA but as another lender.

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They weren't duplicates.  The OC and one CA can collect on the same debt.  Even if it had been another lender reporting it was legal.  Except the original OC needed to show a 0 balance.

[TheR105]

To set the record straight. I just received a notice from Allied listing Credit One as the OC and and LVNV as the current creditor. So as I stated before they were considering themselves the creditor and not CA. Therefore, my dispute to the CB was correct.

[Chopbrocoli]

LVNV is the current creditor because Credit One transferred all legal rights to them (LVNV is not the original credit however).  Allied is the CA.