Help! I think I messed up royally. I asked for verification through the CRA because this one just looks wierd. Its showing as my oldest account on file and the date shows N/A so I thought maybe it was dragging my credit down. Now I find out if they validate it, it reages it and will hurt my credit even more!! ARgh I am just trying to get high enough in the next 3 months to qualify for a home loan. Here is what it looks like
Company/Account Name: LVNV FUNDING LLC Company Address/Phone: PO Box 10584Greenville, SC 296030584
(866) 464-1183 Account Number: 504994119818XXXX Date Opened: N/A Last Activity: N/A First Delinquency: 06/2006 Type: Revolving Rate/Status: COLLECTION ACCOUNT High Credit: $1,841 Terms: N/A Balance: $0 Past Due: $0 Most Recent Date Reported: 06/2008 Comments on Account: Settlement accepted on this account,
Paid collection
Was I right to ask for validation?? Will it really hurt my credit of they validate? I did it today is it too late to cancel the request? I sure wish I would have started this stuff years ago 
@Anonymous wrote:Help! I think I messed up royally. I asked for verification through the CRA because this one just looks wierd. Its showing as my oldest account on file and the date shows N/A so I thought maybe it was dragging my credit down. Now I find out if they validate it, it reages it and will hurt my credit even more!! ARgh I am just trying to get high enough in the next 3 months to qualify for a home loan. Here is what it looks like
Company/Account Name: LVNV FUNDING LLC Company Address/Phone: PO Box 10584
Greenville, SC 296030584
(866) 464-1183 Account Number: 504994119818XXXX Date Opened: N/A Last Activity: N/A First Delinquency: 06/2006 Type: Revolving Rate/Status: COLLECTION ACCOUNT High Credit: $1,841 Terms: N/A Balance: $0 Past Due: $0 Most Recent Date Reported: 06/2008 Comments on Account: Settlement accepted on this account,
Paid collection
Was I right to ask for validation?? Will it really hurt my credit of they validate? I did it today is it too late to cancel the request? I sure wish I would have started this stuff years ago
Hmm...An a/c is not necessarily going to hurt your score because it is the oldest. Possibly the contrary. Secondly this is a CA a/c. They will verify to the CRAs and not validate. They will validate a debt to you the consumer/debtor if you provide a timely request. Verification will not re-age a debt. Nothing will change the DOFD once the a/c is charged off and sent/sold to a CA.
Now, the DOFD in your case seems like 6/2006. So this CA a/c can not stay on your reports longer than 7.5 yrs from 6/2006.
Also, its possibly showing as your oldest account and being factored into your age because of the way it is reporting (inaccurately). The portfolio type is reported as 'revolving'. Its not. Rather a Closed a/c. Since its closed paid with a 0 balance.But if it is indeed your oldest a/c, it is possibly helping your score with AAoA.
It could possibly hurt your score if the CA updates this dispute as FICO might look at it as a recent activity on the a/c.
You could dispute the inaccurate reporting if you like. There is an opinion that if a CA reports the a/c correctly as 'closed' then they cannot continue to update every month unless one disputes. I would leave it alone or figure out ways to fight and get it off altogether.