LVNV Funding is a debt buyer – a business that acquires bankruptcies and other delinquent debt from banks and other lenders. If you have an account in collections, it may show up on your credit reports.
LVNV Funding LLC purchases charged-off accounts from businesses such as credit card issuers and personal loan lenders.
A charge-off is a debt on which the original creditor has given up attempting to collect after a series of missed payments. However, just because the original creditor has written off the obligation does not mean you are no longer obligated to pay it. If your creditor sells the loan, you will owe the remaining balance to the business or debt collection agency that purchased it – in this instance, LVNV Funding.
Here’s everything you need to know about why LVNV Funding may be showing up on your credit reports and what you should do next.
Why is LVNV Funding showing up on my credit reports?
When LVNV Funding purchases your debt, the account may begin to appear on your credit reports as a collection account, in addition to the charged-off account with your original lender.
LVNV Funding has a contract with another business named Resurgent Capital Services, which is in charge of actually collecting the debt owed to the corporation. Therefore, although LVNV Funding may appear on your credit reports, it is more than likely that Resurgent will be the one to contact you if you get a debt collection call.
The first step, whether you’re contacted by a debt collector or see a collection account on your credit reports, should be to check the debt and ensure that the debt collector has the legal authority to collect on it. Take steps to ensure you get written information about your debt from the debt collector, and that you are aware of your rights under the Fair Debt Collection Practices Act.
When a debt in collection is genuine, what should you do?
If a debt that has gone into collections is genuine, you have a few alternatives to examine.
Resolve the debt. It may be difficult to determine who and what you’re paying if your debt has been sold to one business that has contracted with another company to collect on it. It’s a good idea to conduct your homework before contacting a debt collecting firm.
Search for a credit consultation. Look for a credit counselor that is a reputable credit restoration provider. They can assist you in developing a debt management strategy.
Be cautious when it comes to debt settlement. Debt settlement firms may claim to be able to settle your debt for a lump sum payment that is less than the entire amount owed. This may be true in certain instances. However, the Federal Trade Commission cautions that these assertions are not always accurate. It’s best to avoid businesses that offer assurances or attempt to get you to pay fees before your debts are resolved.
How can you get LVNV Funding off your credit report?
If you’ve double-checked that the debt was properly recorded, the account in collections will most likely remain on your records for seven years.
You may have heard of the “pay-for-delete” strategy, in which a debt collector promises to erase a collection account from your credit reports in exchange for a lump-sum payment. There’s no assurance that this will work; nevertheless, debt collection companies are legally obliged to submit correct information to credit bureaus, according to the Federal Trade Commission. As a result, debt collectors that intentionally disclose false information are usually breaking the law. Any service that promises you may pay to have a collections account removed from your credit reports should be avoided at all costs.
Furthermore, even if the debt collector was successful in having the collections account deleted by fraudulently reporting it as incorrect, the negative mark from the initial charged-off account would remain.
However, if the debt isn’t genuine, it may be an indication that your identity has been stolen. If you still don’t recognize an account after doing your research, contact one of the three main consumer credit agencies and file a dispute.
Credit bureaus are obliged to examine complaints and transmit your information to the bill collector if there is a mistake. The debt collector is required to examine that information and submit any errors to all three credit bureaus so that your credit reports may be repaired.
You can always try out our dispute service to remove a collection from your credit report, we have helped thousands of clients repair their scores with our disputes!
What to do if you find an account on your credit reports that you don’t recognize.
It may be frightening to see a collections account on your credit reports. While your credit will most certainly suffer as a result, you may take proactive measures to repair your credit over time.
However, if the account in collections is incorrect, begin by contesting the error and then consider incorporating credit monitoring into your financial routine. Regular credit monitoring may assist you in detecting any additional errors or indications of potential fraud if your identity has been stolen. You may get your credit reports from all three main consumer credit agencies for free at annualcreditreport.com on a regular basis.
Put an end to LVNV Funding LLC’s Debt Collection Harassment
Debt collection agencies, such as LVNV Funding LLC, are prohibited from doing the following when attempting to collect a debt under the Fair Debt Collection Practices Act (FDCPA):
- Make contact with anybody who is not the primary debtor.
- Threaten you with a referral to an attorney, credit damage, or income garnishment with no intention of carrying out the threat
- Calling during “unreasonable hours,” such as before 8:00 AM or after 9:00 PM
- If you tell them not to, they will contact you at your employer’s office.
- Make calls to your workplace to notify them of your debt or to disclose any element of the debt to others.
- During calls, use vulgar or filthy language.
- Send collection letters purporting to be from a court or government agency.
- Threaten you with arrest if the debt is not paid.
If you believe you are being harassed, defrauded, or intimidated by LVNV Funding LLC or another debt collection firm, you should seek legal counsel immediately.
Credit Cadabra can also assist you in ending the harassment and abuse from LVNV Funding, as well as resolving any differences.
Complaints Against LVNV Funding
Lawsuits Filed Against LVNV Funding LLC
Wessner v. LVNV Funding LLC and Resurgent – Prior debt collector obtained a judgment against the debtor. The debtor made payment arrangements with a debt collector to pay a set amount per month to resolve the debt. The debtor made payments for over a decade on outstanding judgment. When LVNV and Resurgent acquired the debt, they claimed that the debtor now owed more than the amount of the judgment despite her decades of regular monthly payments. The case was settled.
Braucher v. LVNV Funding LLC – Plaintiff was applying for a car and the dealership pulled her credit. On at least 2 of her credit reports, there was an LVNV collection account that did not belong to her. The account belonged to another person with her name but a different address. Plaintiff disputed the LVNV account through the 2 credit reporting agencies. LVNV received the disputes but failed to conduct a reasonable investigation and wrongfully verified that the account belonged to Plaintiff. LVNV continued to inaccurately report the account for over a year. As a result, Plaintiff could not buy a car as well as having a collection account reporting about her for over a year. The case was settled.
Kristina Yarbro v. LVNV Funding LLC – Plaintiff brought claims against LVNV under the Fair Credit Reporting Act and the Fair Debt Collection Practices Act for reporting inaccurate information to the credit reporting agencies, failing to reasonably investigate Plaintiff’s disputes, and trying to collect on a debt that did not belong to Plaintiff. The case settled
Jodi Gruka v. LVNV Funding LLC – E.D.PA – Plaintiff had a debt that was over 15 years old. LVNV sued her on the time-barred debt but was forced to dismiss the lawsuit. LVNV then reported the outdated debt to the credit reporting agencies. Plaintiff brought claims against LVNV for violations of the Fair Debt Collection Practices Act. The case was settled.
You may have a case if you have experienced comparable problems with LVNV Funding.
LVNV Funding LLC Contact Information –
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