topic Re: lvnv funding llc - how do i go about fixing this? in Rebuilding Your Credit

lvnv funding llc - how do i go about fixing this?

Anonymous — Mon, 28 Jul 2008 22:44:42 GMT

i've got this on my equifax score power report (from score watch - see below)... i dont know who lvnv is, but i also just today received a letter in the mail from drs/bonded collection systems in reference to this debt. i'm honestly not sure if it's even mine - it may very well be, but i'm just not sure. i really want to just get this off my report, as i'm trying to rebuild my credit so i can buy a house in the near future...what's the best way to go about this? pay for delete?

Lvnvfundg
Status as of [?] Mar, 2008
Date opened [?] Not Reported
Date of last activity [?] May, 2005
Date closed [?] Not Reported
Account number [?] Not Reported
Loan type [?] Not Reported
Largest past balance [?] $1,395
Terms [?] Not Reported
Account Type [?] Open Account
Account holder [?] Individual
Scheduled payment amount [?] $0
Descriptions [?]

* Collection account

No contact information provided by Equifax
Balance [?] Current Status [?] Past Due Amount [?]
$1,614 120+ days past due $1,614
Seven year payment history [?]
30 days late 0 times
60 days late 0 times
90+ days late 0 times
Worst Delinquency [?]
None Reported
The Worst Delinquency reports the worst missed payment status that has been documented on this account. Your FICO score evaluates how recently that missed payment occurred and in general, the more recent, the more impact it has on your score. However, the fact that it occurred is still predictive of future payment risk and could be considered by your FICO score.

Message Edited by crackers8199 on 07-28-2008 03:44 PM

Re: lvnv funding llc - how do i go about fixing this?

Anonymous — Mon, 28 Jul 2008 22:52:42 GMT

drs/bonded collection systems.........could this be medical??? Is the amount due the same with the reporting of LVNV?

Re: lvnv funding llc - how do i go about fixing this?

Anonymous — Mon, 28 Jul 2008 22:56:53 GMT

You better put on your armor with this company. They are really Resergent Capital, and LVNV Funding is like the director of all these little comapnies. I had to send a letter certified as well as file a BBB complaint against them.

Good Luck.

Re: lvnv funding llc - how do i go about fixing this?

llecs — Mon, 28 Jul 2008 22:57:02 GMT

LVNV is a bad CA to deal with. If you have the $$, then DV LVNV and the other CA ASAP. IMO, you should DV the second CA if the letter you just received is an initial collection letter. You'd want to get it in their hands prior to the 30 days.

Always DV before offering a PFD.

Re: lvnv funding llc - how do i go about fixing this?

Anonymous — Tue, 29 Jul 2008 03:09:16 GMT

Bound- Did your BBB complaint get them off?

Re: lvnv funding llc - how do i go about fixing this?

Anonymous — Tue, 29 Jul 2008 14:13:23 GMT

the letter i got from drs/bonded says that the "creditor" is lvnv...isn't this technically a violation? from everything i've read, they still are considered a CA and can't try to identify themselves as the OC...right?

Re: lvnv funding llc - how do i go about fixing this?

Anonymous — Wed, 30 Jul 2008 19:00:03 GMT

bump

Re: lvnv funding llc - how do i go about fixing this?

Anonymous — Wed, 30 Jul 2008 22:05:03 GMT

I have the same problem with this company. Unfortunately I ignored the first letter I received from LVNV so my 30 day window to dispute passed. Then last month I received a letter from a different collection agency (Ocwen) stating LVNV as the original creditor. I sent in a DV letter and the 30 days just passed with no response. LVNV is listed as a factoring account on my credit report. The original charge off with Mervyns states the account was sold. My questions are:

How can LVNV be a factoring account when they purchased my debt from Mervyns?

Is it legal for LVNV to now claim to be the original creditor on the letter I received from Ocwen?

Now that they haven't responded to my request for DV what should I do?

Also, LVNV is posting a late payment each month to my CR? Can they legally do this?

This is seriously hurting me. I applied for a mortgage this week and was declined because of this collection account.

Anyone else have any success getting this deleted from the CR?

Re: lvnv funding llc - how do i go about fixing this?

Anonymous — Thu, 31 Jul 2008 17:10:12 GMT

ok, i'm going to try the dv and then dispute route...my question is this: should i send the dv to both lvnv as well as drs/bonded, or just one or the other? drs isn't on my report yet, lvnv is reporting as a collection account...so that's the one i want to be rid of.

Re: lvnv funding llc - how do i go about fixing this?

Anonymous — Fri, 01 Aug 2008 00:37:03 GMT

According to an article I read this morning, written by a former employee of a major JDB, once they actually PURCHASE the debt, the CA / JDB is treated as an OC by the FDCPA.

The key here is to confirm that they've purchased the debt, rather than having been hired as a third-party collector on the debt. This can be done by contacting the OC to determine whether they have any record of the account ~ they may say it's been SOLD or they may simply refer you to the CA they've hired (ask them outright which it is)

DV them ... and use a solid letter that makes good use of FDCPA citations, as JDBs are (according to that former employee) terrified of FDCPA lawsuits and slam their employees with FDCPA training on an ongoing basis.

Message Edited by WhatzUrPlan on 07-31-2008 07:37 PM

Re: lvnv funding llc - how do i go about fixing this?

Anonymous — Fri, 01 Aug 2008 05:17:23 GMT

the problem here is that i have no idea who the OC is...i have a good idea that its probably my debt, but i had quite a few to the point where i'm not sure which were settled and which weren't (big mistake, i know, not keeping records...i was young and naive)...

Re: lvnv funding llc - how do i go about fixing this?

Anonymous — Mon, 04 Aug 2008 06:36:54 GMT

BUMP - if i want to offer a PFD, do i send it to drs, lvnv, or both? lvnv is reporting on all 3 reports, drs is not

Re: lvnv funding llc - how do i go about fixing this?

Anonymous — Mon, 04 Aug 2008 12:02:01 GMT

Is the account past SOL? Do you think it could be medical?

Check your SOL before doing anything.

I would not PFD before DV'ing both.

Re: lvnv funding llc - how do i go about fixing this?

Anonymous — Mon, 04 Aug 2008 13:26:46 GMT

it's definitely NOT medical. i have two medical bills that i need to make payments on, neither of which are anywhere near that amount.

if it is mine, it's my old cap one cc...at least that's my guess. if that's the case, it's not out of SOL.

Message Edited by crackers8199 on 08-04-2008 06:26 AM

Re: lvnv funding llc - how do i go about fixing this?

Anonymous — Mon, 04 Aug 2008 13:30:37 GMT

Is Capital One reporting on your report? If so, do they show a $0 balance? Do they show that the account was transferred/sold/assigned?

If you can PIF, then you may choose to DV while within SOL. If you can't PIF and the account is not past SOL, it is not advised that you DV. Some CA will follow up a DV with a summons.

Once past SOL, the chances of them accepting a PFD increases. LVNV does not accept PFD from my understanding of other member's experiences.

If this is the Capital One account, how long do you have left until SOL expires?

Re: lvnv funding llc - how do i go about fixing this?

Anonymous — Mon, 04 Aug 2008 20:14:36 GMT

it is most likely the capital one account, but it's almost $1k more than the original credit limit (they are asking for $1700 and change, largest past balance is $828...is that legal???)

i can pay in full right now to get this over with, but i'd rather not (obviously) unless i can get a PFD in place. what's my best route here?

i'm still not sure how SOL works (what date it's calculated from), but here in PA it's 6 years.

...here's how cap one is reported:

(equifax)

Cap One
Status as of [?] May, 2008
Date opened [?] Nov, 2004
Date of last activity [?] Apr, 2005
Date closed [?] Not Reported
Account number [?] Not Reported
Loan type [?] Not Reported
Largest past balance [?] $828
Terms [?] Not Reported
Account Type [?] Revolving
Account holder [?] Individual
Scheduled payment amount [?] $0
Descriptions [?]

* Account transferred or sold
* Charged off account

No contact information provided by Equifax
Balance [?] Current Status [?] Past Due Amount [?]
$0 Bad debt/collection Not Reported
Seven year payment history [?]
30 days late 1 time
60 days late 1 time
90+ days late 4 times (Nov 2005, Sep 2005, Aug 2005)

-------------

transunion

Capital One Bank Usa Na
Status as of [?] May, 2008
Date opened [?] Oct, 2004
Date of last activity [?] Dec, 2005
Date paid out [?] Dec, 2005
Date closed [?] Nov, 2005
Account number [?] XXXXXXXXXXXX
Loan type [?] Credit Card
Credit limit [?] $500
Largest past balance [?] $828
Terms [?] Not Reported
Account Type [?] Revolving Account
Account holder [?] Individual Account
Scheduled payment amount [?] Not Reported
Descriptions [?]

* Purchased by another lender

Contact Information [?]
Pob 30281
Salt Lake City, UT 84130
8009557070
Balance [?] Current Status [?] Past Due Amount [?]
$0 Charged off as bad debt $0
Seven year payment history [?]
30 days late 0 times
60 days late 0 times
90+ days late 0 times

--------
experian

Cap One
Status as of [?] Apr, 2008
Date opened [?] Oct, 2004
Date of last activity [?] Apr, 2008
Date of last payment [?] Dec, 2005
Date closed [?] Not Reported
Account number [?] XXXXXXXXXXXX
Loan type [?] Credit Card, Terms REV
Credit limit [?] $500
Largest past balance [?] Not Reported
Terms [?] Not Reported
Account Type [?] Revolving
Account holder [?] Individual
Scheduled payment amount [?] Not Reported
Descriptions [?]

* Transferred to/purchased by another lender

No contact information provided by Experian
Balance [?] Current Status [?] Past Due Amount [?]
Not Reported Account transferred to another office Not Reported
Seven year payment history [?]
30 days late 1 time
60 days late 1 time
90+ days late 23 times (Mar 2008, Feb 2008, Jan 2008, Nov 2007, Nov 2007, Sep 2007, Aug 2007, Jul 2007, May 2007, Apr 2007, Mar 2007, Feb 2007, Jan 2007, Dec 2006, Nov 2006, Nov 2006, Sep 2006, Aug 2006, Jul 2006, Jun 2006, May 2006, Apr 2006, Mar 2006)

Message Edited by crackers8199 on 08-04-2008 01:14 PM

Re: lvnv funding llc - how do i go about fixing this?

Anonymous — Mon, 04 Aug 2008 20:33:04 GMT

also, it seems here in PA that the max interest rate is 6%...they're up over $1200 more than the capital one account was.

i'm thinking more and more that i should dv, if for no other reason than i just don't know for sure who the OC is. i don't feel comfortable paying until i get that information.

is there a good specific letter or statement i should make for this type of circumstance? what i'm inclined to worry about is them coming back with something showing lvnv as the OC, which is most definitely not the case (i never specifically opened an account with lvnv)...

Re: lvnv funding llc - how do i go about fixing this?

Anonymous — Mon, 04 Aug 2008 20:44:40 GMT

also, let me stress - i have the ability to PIF if necessary, although of course i wouldn't mind doing a settlement... my main concern here is the fact that i want to buy a house within the next year, so i want to get this squared away as quickly as possible. hence, my PFD thoughts... is there a way i can pay them and get rid of it without doing a PFD?

Re: lvnv funding llc - how do i go about fixing this?

Anonymous — Mon, 04 Aug 2008 20:47:15 GMT

The question as to how much depends on your state and the agreement you signed.

It could be composed mainly of interest. With a little bit of collection fees (depending on your state and the agreement you signed) tossed in.

The SoL starts the day after (AFAIK) you missed a payment. So if your last payment was in Aug '05, the SoL being 6 years (assuming that's correct), they have until Aug '11 to file suit.

Also, I was pretty sure that SoL in PA for open-ended (assuming that's what it is) accounts is 4 years.

Re: lvnv funding llc - how do i go about fixing this?

Anonymous — Mon, 04 Aug 2008 21:03:42 GMT

it may be...i was going by what i saw here:

http://www.cardreport.com/laws/statute-of-limitations.html

anyway, if i do pay it and don't get a PFD signed, is it going to hurt my score even more than it already is? what should i do?