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Collection Agencies reporting late payments...

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Re: Collection Agencies reporting late payments...


@OmarGB9 wrote:

@gdale6 wrote:

A CA cannot report as a factoring company a factor is one who buys good corporate receivables a JDB is not classified as such. File a dispute with the CRA first based on this and if their is no resolution file a complaint with the CFPB.


LVNV Funding reports as a factoring company. Can I dispute that?


Yup, follow the process I laid out. If this is a paid one you might just want to leave it alone even though you could challenge as its going to drop your Fico when it comes current to report the results of the dispute.

"If there's a lack of money in your life, understand that feeling worried, envious, jealous, disappointed, discouraged, doubtful or fearful about money can never bring more money to you, because those feelings come from a lack of gratitude for the money you have."

"Reactions are powerful creators because they contain every element needed to manifest—they're a combination of thought, belief, and feeling in action. Positive reactions create more positive things, and negative reactions create more negative things. If you can respond to negative situations calmly and lightly, instead of with emotional turbulence, what happens next in your life will be so much better."

- Rhonda Byrne

Message 11 of 13
Senior Contributor

Re: Collection Agencies reporting late payments...


@gdale6 wrote:

@OmarGB9 wrote:

@gdale6 wrote:

A CA cannot report as a factoring company a factor is one who buys good corporate receivables a JDB is not classified as such. File a dispute with the CRA first based on this and if their is no resolution file a complaint with the CFPB.


LVNV Funding reports as a factoring company. Can I dispute that?


Yup, follow the process I laid out. If this is a paid one you might just want to leave it alone even though you could challenge as its going to drop your Fico when it comes current to report the results of the dispute.


So what would I put as the reason, exactly? And it is paid, however I JUST paid it off. So I suppose if dispute now while it's still freshly paid off even if it comes back current, it shouldn't make much of a difference, should it?

Currently rebuilding as of 04/11/2019.

Starting Scores:
EX 518
EQ 518
TU 521

Current FICO scores:
EX 577
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Message 12 of 13
Moderator

Re: Collection Agencies reporting late payments...


@OmarGB9 wrote:

@gdale6 wrote:

@OmarGB9 wrote:

@gdale6 wrote:

A CA cannot report as a factoring company a factor is one who buys good corporate receivables a JDB is not classified as such. File a dispute with the CRA first based on this and if their is no resolution file a complaint with the CFPB.


LVNV Funding reports as a factoring company. Can I dispute that?


Yup, follow the process I laid out. If this is a paid one you might just want to leave it alone even though you could challenge as its going to drop your Fico when it comes current to report the results of the dispute.


So what would I put as the reason, exactly? And it is paid, however I JUST paid it off. So I suppose if dispute now while it's still freshly paid off even if it comes back current, it shouldn't make much of a difference, should it?


Dispute it by mail with notations that this is a collection agency and they have no legal right to report it like an OC, it must report as a collection account. Perfect, now is the time to get it taken care of as you just paid it off.

"If there's a lack of money in your life, understand that feeling worried, envious, jealous, disappointed, discouraged, doubtful or fearful about money can never bring more money to you, because those feelings come from a lack of gratitude for the money you have."

"Reactions are powerful creators because they contain every element needed to manifest—they're a combination of thought, belief, and feeling in action. Positive reactions create more positive things, and negative reactions create more negative things. If you can respond to negative situations calmly and lightly, instead of with emotional turbulence, what happens next in your life will be so much better."

- Rhonda Byrne

Message 13 of 13
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