What to do With LVNV Funding???

[Anonymous]

My LVNV Funding collection account...does not drop off until...May 2011...SOL in LA is 10 years...I think...my oldest account is 5 years...my average is only 2 years...LVNV Funding...is one of the oldest..and on TU....it's actually listed under what's helping me...so should I PFD anyway...and take the score lost...due to history...or leave it alone...I don't want to just pay it...they are tacking on interest EVERY month....and seem to be reporting lates for the last 2 months on EX...the lates don't show on TC...or my report from EX...but on myFICO EX report...

[Anonymous]

SLY, HOW IS THIS HELPING YOUR SCORE?  LVNV IN MOST CASES KILLS A CREDIT SCORE DUE TO HOW THEY REPORT THE DEBT.  MORE TIMES THAN NONE YOU WILL SEE "FACTORING ACCOUNT" AND ONCE YOU SEE THAT, ITS A WRAP!  BUT WHEN I GOT THEM DELETED OFF OF MY REPORT I SAW AN INSTANT INCREASE OF 30 POINTS.

[Anonymous]

Don't know...under the "what helping me" category...on my TU FICO summary...it says "you have an old collection"...don't know what that means...

[Anonymous]

OH SNAP!  LET ME CHECK THAT OUT REALLY QUICK

[Anonymous]

I guess that means...on one hand...it's bad that you have a colllection....but it's good it happened so long ago...that's what I'm guessing....

[Anonymous]

My DD also has a collection account with LNVN.  DOFD 11/2003, with no DOLA but this is paid.  It shows creditor classification as "financial" and is listed as a "factoring company account". 

This is an old Sears charge which DD settled for less than owed.  We didn't know about DV at the time or about the ability to dispute the account...so I am no sure which way to go either.

It looks like LNVN and others have done some redating with some of the credit bureaus.  Some of DDs CRAs show totally different dates for the same COS!!!  The more I read about the dirtbag CAs the more angry I get.  "Joe Consumer" barely has a chance with all the crap these CAs pull off...

She aslo has a CO with Afni for Nextel...get this Afni says its a "utility" account and and they listed "factoring company account".  Amount due $1449.00....do you really think Nextel would allow a bill reach $1449.00? 

How can they determine whether or not it is a "factoring company account" or not.  They actually show a "credit limit" of $1449.00, showing the account was opened 3/08, which is not correct it was actually opened in 2005. 

and on and on and on....this is a total mess. 

[Anonymous]

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slyhouse08 wrote:

I guess that means...on one hand...it's bad that you have a colllection....but it's good it happened so long ago...that's what I'm guessing....

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Yes, this is right. What is helping is the fact that your collection was so long ago. I had this at one time also.

Collections do not count for age. So, you will not lose any history if you PFD.

[Anonymous]

Thanks...I did not know that...I though ALL accounts were factored into age...

[guiness56]

I have always wondered about factoring companies and found this bit of information that is very interesting.

Federal Law states that a junk debt purchaser cannot be construed as a factoring account because the purchaser, in this case LVNV, is acting as a debt collector.

LVNV cannot be a factoring company. A factoring company buys contracts and accounts receivables and ect. but not delinquent debt accounts. The reason they claim to be a factoring company is to attempt to evade having to obey FDCPA and lawsuits stemming from their failure to follow the rules.

I also read that factoring companies pay the OC around 90% of the outstanding balance on accounts. This gives the OC immediate money and they do not have to wait for someone to make a payment. It is a way to improve cash flow in a company. Any money they receive on the account is forwarded to the OC. This would be a legitimate factoring company.

So, by some claiming to be a factoring company, they really are junk debt buyers and try to get over on everyone. CA have to abide by the FDCPA, factoring companies do not.

Message Edited by guiness56 on 07-08-2008 06:52 PM

[Anonymous]

guiness56~ this was how I got them deleted.  I stated that I was not a business and never functioned as one.  I also advised them of the same thing as what you posted and gues what.  Although they never verified the debt with me, they IMMEDIATELY deleted that crap.  All I am waiting on now is for AFNI and Midland (well they folded like a ironing board too) to delete with the cra.