Finding a negative item on your credit report can be stressful. This experience is especially true for individuals who don’t monitor their credit reports regularly. In many cases, these people don’t know there’s a problem until they’re applying for much-needed credit, such as a mortgage or car loan.
If you find LVNV Funding on your credit report, things are about to get worse. Here’s what you need to know about LVNV funding and how to get it removed from your credit report.
What is LVNV Funding?
LVNV Funding is a nation-wide company that is headquartered out of Las Vegas. This company buys bad debts from other loan providers and banks, giving the seller some cash flow and taking on the burden of collections. LVNV Funding then pursues the bad debt to collect the money, often quite aggressively.
Many consumers have reported finding out about LVNV Funding when they receive a summons to court or via endless back-to-back phone calls at their residence or place of work. Meanwhile, their credit score is dropping, and their stress levels are rising.
Can You Remove LVNV Funding?
Fortunately, there are ways to remove LVNV Funding from your credit report. When this organization buys bad debts from loan agencies, they tend to receive incomplete files. For a collections agency to legally pursue a debt, they need to be able to prove that the debt is in your name and the information is accurate.
While it might seem like a shot in the dark, having an incomplete file is rather common for LVNV Funding. This company purchases old debts that may have passed hands a few times. Their business is based on the idea that borrowers don’t know their rights, and will pay up rather than fighting back.
Learn Your Rights as a Borrower
Before you borrow money, you should always take some time to understand your consumer rights. If you haven’t already, take a look at the Fair Debt Collection Practices Act (FDCPA) and the Fair Credit Reporting Act (FCRA).
Under the FDCPA, no creditors are allowed to harass or threaten you. This stipulation covers a lot of different types of threats, too. They aren’t allowed to tell you you’re going to jail, threaten your person, or imply that they’ll harm your reputation publically. Additionally, they aren’t allowed to call you before 8 am or after 9 pm, local time. As mentioned before, collectors are also supposed to be able to verify that the debt belongs to you and that the information is correct.
Before you dive into the dispute process, print out a copy of the FDCPA, and highlight things that stand out. You’ll likely find a lot of regulations that LVNV Funding isn’t sticking to, which will build the base of your dispute.
Tips for Filing a Dispute
Filing a dispute is an arduous process that needs to be conducted via traditional mail. It’s worth pursuing the dispute using registered mail to improve your paper trail. Using dispute software can help with the process, generating the letters you need and helping you track your progress. Many of these software applications also tell you how to deal with LVNV funding, specifically.
First, send a debt validation request to LVNV Funding via mail. Using the software is the best way to ensure you’re covered when filing this time-sensitive request, but you can find a sample template here.
If LVNV Funding doesn’t respond within 30 days, you can send a copy of your mail record, the original letter, and a letter citing that you won’t be paying in accordance with your rights listed in the FDCPA. Copies should also go to the credit reporting bureaus.
If LVNV Funding responds with validation, check for discrepancies as well as the statute of limitations in your state. From here, you can offer to pay a settlement or work with an attorney to explore your options.
Seeing LVNV Funding on your credit report isn’t a death sentence, but you’ll have your work cut out for you to have it removed. Know your rights, explore your options, and make your move.