LVNV monthly reporting... help, please!

[heather123]

Hello, all. It's been a while since I've posted. I've been working on knocking out small collection balances. One nagging issue that cycles every month is LVNV Funding. I have two collection accounts from them on my credit report. One used to be a $500-something Best Buy credit card balance, and the other was a $800-whatever Gap credit card balance. LVNV reports them as around $900 and $2200 respectively, and they add about $10 to each account every month. The LVNV collection accounts show up on my credit report as revolving accounts, so even though I'm paying all my current creditors on time, this makes it look like I make 2 late payments every month. It is NOT a revolving account, and I know this is one of LVNV's nasty tricks. (I've heard they're dirty.)

Last year, I drafted a letter to LVNV requesting a full accounting of how the balances got to be the totals that they are and to verify the OC accounts since none of the info given for the OC and LVNV accounts is the same. (LVNV changed the DOFDs and high credit amounts when they first reported, so if I didn't "know" that it was Gap and Best Buy, there would be no way to make a correlation between the accounts.) I got scared and never sent the letter because I feared it would reset the SOL, but now that I've seen how they add additional charges every month, I realize that this is never going to drop off. It appears as an open account!!

I don't have the cash saved up yet, but I'm willing to pay what i really owe: around $500 to Best Buy and $800 to Gap. Of course, I became delinquent in 2005, so I probably won't be able to pay the OCs directly. Is there anything I can do to get LVNV to stop adding interest or fees or whatever they're doing? I requested validation on the LVNV accounts from the CRs last year, but of course it all came back as "verified"... Please help. This is the worst thing left on my credit report. Everything else is very manageable.

[LIGHTNIN]

If the agreement you had with the OC says interest can be added, then the CA can legally add the interest.

If the DoFD's are in 2005, Are they due to fall off your CR 2012?

[heather123]

I don't even know where to find the credit agreements with the OC. I opened the accounts back in '03 and was too young to read or hang onto that kind of fine print. The Best Buy was charged off for $628; LVNV has racked it up to $830. Gap was charged off for $643, now racked up to $2,158. It has to be two different interest structures for the Gap one to increase so drastically. No judgement, so it's not court costs---has to be straight interest and collection fees.

As for the rest, it's a little bizarre. The DOFDs on both OC entries are listed as 06/2006 and I remember that to be accurate. The LVNV entry for what I assume to be Best Buy says DOFD 01/2006, and the date the account was opened was 02/2007. The LVNV entry for what I assume to be The Gap says DOFD 12/2005 and the account was opened in 05/2007. My TU report from April 2011 says LVNV for Gap will be removed in 11/2012 and LVNV for Best Buy in 12/2012. The OC listings are not scheduled to drop off until 05/2013, which coincides with the real DOFD. One year.... Is it better to just leave this bad boy alone?

[LIGHTNIN]

Are you past your States SOL?   If you dont know the states SOL, list what state you live in.

SOL is the legal time limit, a creditor can sue and win.

Too young to read???  Just joking right? or were you under 18 years old when applied for these cards?

[heather123]

Oh, I didn't mean I was literally illiterate, just young and irresponsible/ignorant. So, yes-- I was joking, and yes-- I was18. That didn't come across right in print. Sorry for the confusion.

I believe that Arizona's SOL is three years for credit cards.

Thanks for your help.

[Cherriwyn]

Hey Heather123,

I'm having the same issue with LVNV.  I've sent 2 DV's CMRR and the last one was just returned from the post office because they didn't want to sign for it.  I'm wondering since it's past the SOL in Virginia, can I pay the OC $300 and be done with it.  But then LVNV is still reporting on my CR.  This is such a bummer. 

[heather123]

I sent them a DV CMRR in 2009 when I first saw them on the credit report. At that time, the balances were so inflated that I really did not know what original accounts they could be. I sent the letter to the address on the CR and it was returned to sender--no such number, unable to forward.  My DV to the CRA eventually showed me who the OCs were, but I still think LVNV is charging way too much, and racking it up by the day!

Good luck to you, Cherriwyn!

[Cherriwyn]

Thanks, same to you!  I'll let you know what I find out