LVNV Funding reporting as open account?

[Anonymous]

Hi.  I'm new to all of this and having been researching for the last few hours, but am feeling overwhelmed by all there seems to be to learn.  Any help is much appreciated.

I have a old charge off from Providian-->WaMu-->Chase.  TU reports that it is estimated to be removed in 11/12

The collection for this account has previously been listed as Arrow Financial.  It now reports as LVNV.

As recently as 3 month ago my true fico based on the TU report was 640.  When I pulled it yesterday it was 550.

The myfico report claims a late payment within the last 30 days and shows the LVNV account under "Accounts" instead of "Collections".

The only difference between this and previous report was the change from Arrow to LVNV and the fact that I have an additional 6 months of on-time payments for my active accounts.

Looking into the actual TU report, not the myfico summary, I have noticed one difference between the LVNV and my other two collections, as well as the previous Arrow entry.

The LVNV entry list a "high balance" rather than a "original amount".  

Is this a mistake or a deliberate action by LVNV.  Judging by other's reports, I'm guessing the latter.

Any advice as to my first course of action.  The debt is well outside of my state's SOL.

[RobertEG]

Credit reports are always a summary of your credit file, and depend in format and content on the party who is producing and selling it.

Many credit reports mix and report items from different segments of a consumer's credit file in a manner that implies the item was reported by one party, when in fact it was reported by another.  OC reporting is stored in the base segment of your credit file, while debt collector reporting is stored separately in the K-segment of your credit file.

The original amount charged-off is only reported by the OC, not a debt collector.  Prior high balances and monthly delinquencies on an OC account, for obvious reasons, are also reported only by the credtior, not the debt collector. All collections have only one of two current status codes... open or closed.  Status of the collection is unrelated to the status of the OC account.

I think you have a badly formatted CR rather than an issue of improper reporting by the debt collector.

If you dispute the accuracy of debt collector reporting, I would speculate that will be the outcome.

[nikkicash]

Did you get it corrected? what was the outcome. i have a similar situation.

[want2bahomeowner]

If anyone happens to live in Maryland and has trouble with LVNV, they are not authorized/licensed in the state of Maryland.  They got in some trouble and I used that case to my advantage to get rid of them.  If you need further info, let me know but a quick search should turn up some good ammo to use.