If you notice LVNV Funding on your credit report, or if you’re getting communications from them in the form of written letters or phone calls. They are contacting you trying to collect a debt. You should address this issue immediately before it causes serious damage to your credit score.
LVNV Funding Is On Your Credit Report
1. If LVNV Funding Is On Your Credit Report – you need to file a dispute with each credit bureau. You can do this yourself by writing a dispute letter or you can hire a professional credit attorney to do it on your behalf. Professionals can be hired at very affordable rates.
2. Bureau Investigation – when the credit bureaus deem your credit dispute valid they will investigate the item. They will contact LVNV Funding and ask them to verify the debt, the dates on it, and the balance owed.
If LVNV Funding does not validate this debt with the credit bureaus, then it must be removed from your credit report. The difficult part here is getting the credit bureaus to deem your dispute valid and investigate the item.
The reason for this is because the credit bureaus only spend potential profits when they investigate your dispute. However they are required to investigate by law and if you have difficulty accomplishing this then we encourage you to consider a legal credit repair company to help you.
How To Fight LVNV Funding
1. Request Debt Validation – this needs to be done by certified mail or with the help of a professional. It requires LVNV to give you the legal documentation that they own your debt and can collect payment on it.
If they are unable to provide this evidence then your debt is null and void and you don’t have to pay. And you can quickly dispute and remove a debt collection from your credit report.
2. Statute Of Limitations – for most debts there is a seven-year statute of limitations. In other words, a debt can only be reported on your credit reports for 7 years. If your debt is validated you should look at the original date with your original lender.
For example, if they are attempting to collect on a charged off credit card, when did you miss your first payment with the credit card company? That first missed payment with the credit card company is when the 7 years begins.
It is a common tactic for collection agencies to report your account for much longer than 7 years. They do this in an attempt to pressure you into paying the debt.
Who Is LVNV Funding LLC?
LVNV Funding LLC is a third party debt collector. They can purchase your debt account directly from creditors or they also purchase debts from other collection agencies. According to their website they also work with Resurgent Capital Services.
“The management of purchased assets is outsourced to a third-party specializing in the management of these types of consumer assets, Resurgent Capital Services LP (Resurgent).”
LVNV Funding Contact Information
LVNV Funding LLC
P.O. Box 3038
Evansville, IN 47730
How To Settle a Debt with LVNV Funding
You need to be aware that when LVNV purchased your debt, they bought it for literally pennies on the dollar. If your debt is $1,000 they may have only paid $100 for the legal rights to collect on your debt.
This means that you can negotiate a settlement payment for much less than the total balance of the debt. However as part of your negotiation agreement you must get them to agree that in exchange for your payment they will stop reporting the negative information to the credit bureaus.
This is a common negotiation agreement and they will have no problem agreeing. If you do not get this agreement then they will continue to report negative information about your account and paying the debt will not help your credit score improve.
What’s The Worst Thing LVNV Funding Can Do?
LVNV Funding can file a civil lawsuit against you which can potentially lead to a credit judgement and even your wages being garnished, to repay this debt. They also have the right to sell your debt account to yet another collection agency who will then contact you, possibly file a civil lawsuit, and report more negative information on your credit report.