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Member
Nfraley
Posts: 14
Registered: ‎03-28-2013
0

New and have a couple of questions

Hello All,

 

Been lurking for a while and researching what to do to clean up my credit and I found a couple things in my reports that is somewhat confusing me.

 

Firstly, I have a couple collections with LVNV and Midland. First is tied to an Old HSBC Card and the OC is still listing but with 0 balance and 120 Days late but does not include a DoFD and doesn't show as Charged off. Is that correct? It should show that right? However LVNV is showing a payment history from when they aquired the account from then till now on non-payment and increasing the amounts. So I am not sure what to take of that.

 

Next is the other LVNV and Midland account which are for a couple other store cards, but the OC's do not appear on my reports and LVNV shows payments missed and Midland just shows in collection. Can I have CA's on my report but not the OC's?

 

Thanks for you help,

 

NF

 

 

Moderator
guiness56
Posts: 22,406
Registered: ‎01-17-2008
0

Re: New and have a couple of questions

Yes, you can a CA but not an OC on your account.  Consider yourself lucky for that.

 

Can you post the TLs so someone can look at them?  Omit personal information.

Member
Nfraley
Posts: 14
Registered: ‎03-28-2013
0

Re: New and have a couple of questions

[ Edited ]

Ok here are the TL's.

 

 

 

 

 

 

 

Moderator
guiness56
Posts: 22,406
Registered: ‎01-17-2008
0

Re: New and have a couple of questions

I only know how to cut and paste.  I have Windows 8 and it is not very user friendly.

Member
Nfraley
Posts: 14
Registered: ‎03-28-2013
0

Re: New and have a couple of questions

that Ok. figure it out. Edited my first message with some pics and here is the last one,

 

Member
Nfraley
Posts: 14
Registered: ‎03-28-2013
0

Re: New and have a couple of questions

So do these look normal to anyone?

Member
Nfraley
Posts: 14
Registered: ‎03-28-2013
0

Re: New and have a couple of questions

A bump for the night to see if this ok or are they doing something fishy here. Also what should I do about them?

 

thanks,

Member
Nfraley
Posts: 14
Registered: ‎03-28-2013
0

Re: New and have a couple of questions

Since I am not getting any answers on this, not to anyone’s fault, I think I am not asking the right questions. So here is my train of thought on these accounts.

 

On the first set, HSBC is the OC of the CC and before it hits 180 days and charging it off, they sold the whole account to LVNV, as it states that it was sold to another lender and LVNV picked it up.  At that point shouldn’t they stop reporting as the OC if they sold the whole account and not just the debt?

 

So based on them getting the whole account, LVNV would have to follow the rules as a Lender and once this hits 180 late based on DoFD or even after 180 under their ownership, they would have to CO the debt.  Is that correct?

 

Since they did not CO the debt as a Lender (OC), and because they are a known CA, they have kept it in perpetual collections for the last 5 years, give or take a few months, and essentially poisoning my credit report with this, even though most collections just hit the report and never do anything with it again?

 

If what I have stated seems true to others, what is my recourse with this? Should I DV them and when they don’t respond complain to the FTC and BBB about this practice? If this is legitimate for them to do then try and PFD? As you can see, they have done it with the other account they have also.

 

I hope this is clear and if anyone has any further questions, please let me know. I really would like to know where to begin with these!

 

thanks,

Regular Contributor
txmomma26
Posts: 246
Registered: ‎02-27-2013
0

Re: New and have a couple of questions


Nfraley wrote:
 

On the first set, HSBC is the OC of the CC and before it hits 180 days and charging it off, they sold the whole account to LVNV, as it states that it was sold to another lender and LVNV picked it up.  At that point shouldn’t they stop reporting as the OC if they sold the whole account and not just the debt?

 

So based on them getting the whole account, LVNV would have to follow the rules as a Lender and once this hits 180 late based on DoFD or even after 180 under their ownership, they would have to CO the debt.  Is that correct?

 

Since they did not CO the debt as a Lender (OC), and because they are a known CA, they have kept it in perpetual collections for the last 5 years, give or take a few months, and essentially poisoning my credit report with this, even though most collections just hit the report and never do anything with it again?

 

If what I have stated seems true to others, what is my recourse with this? Should I DV them and when they don’t respond complain to the FTC and BBB about this practice? If this is legitimate for them to do then try and PFD? As you can see, they have done it with the other account they have also.

 


I'm going to attempt to answer with my limited knowledge and based on what I know/have read.

The "whole account" and the "debt" are one in the same.  LVNV purchased the debt in Nov-Dec and own the debt.  They are not the OC - HSBC still is.  LVNV is just the collection agency that owns the debt. LVNV never had a lending contract with you, so they do not have to follow the rules of a lender. A collection agency (or OC, for that matter) does not HAVE to CO a debt, ever - at least, that's my understanding.  Most charge-off because they realize they probably will never see the money owed in a short time frame.  So for their accounting, they charge-off the debt - and you still owe the debt.

 

A collection agency (or OC, if they still were to own the debt) can keep a debt in perpetual collections until it is paid.  They just can't sue you for the debt after the statute of limitations runs out.  They can sell the debt to another CA, or junk debt buyer or whoever - and THEN they stop collecting and the new agency would pick up the collection efforts.  A CA can also outsource to another CA to collect on their behalf.

 

All that being said, you can DV them, and offer to PFD.  And you can argue the balance owed - as a collection account shouldn't accrue interest/fees/change the balance owed, which appears to have happened on your account.

 

Start: (2-26): EQ 602 (Myfico) TU 579 (Credit Karma) EX 634 FAKO
Current: (7-12): EQ 690(myfico) WalmartTU 696 EX 689 (lender 6-3)
1st Goal: 680 across the board - DONE June 2013!
2nd Goal: 725 across the board
Member
Nfraley
Posts: 14
Registered: ‎03-28-2013
0

Re: New and have a couple of questions

Thanks for your reply txmomma. I will try sending dome DV's this week and see what happen.


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