What Is LVNV Funding LLC and Why Is It on My Credit Report?
LVNV Funding LLC is a collection agency that buys debt from creditors such as banks, credit card issuers, or personal loan lenders. Headquartered in Greenville, South Carolina, this collection agency is among the largest of its kind in the U.S.
Collections agencies, such as LVNV Funding LLC, make money off creditors that have decided to place charge-offs on individuals’ credit reports. A charge-off simply indicates that the creditor has given up trying to collect a debt and closed the account.
This typically occurs after several missed payments. What’s important to note is that payment is still owed — only now payment is owed to the collection agency — in this case, LVNV Funding LLC.
A notice from LVNV Funding LLC, or any collection agency for that matter, is not a good sign. Collection accounts can damage your credit score and stay on your reports for up to about seven years.
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What to Do if You See LVNV Funding LLC on Your Credit Reports
Dealing with a collection agency can cause frustration, stress, and fear, among other feelings. To try and alleviate those feelings and take action, it’s important to understand a bit more about LVNV Funding LLC.
For instance, LVNV Funding LLC may appear on your credit reports as any of the following: “lvnv,” “lvnvfundg,” “lvnv collections,” or “lvnv funding llc credit one bank.”
In addition to that, LVNV Funding LLC contracts with another company called Resurgent Capital Services. Although you’re likely to see LVNV on your credit reports, any calls you receive from a debt collector will probably come from Resurgent. Both companies are owned by the same parent company: Sherman Financial Group LLC.
After understanding what LVNV Funding LLC is and how it works, you are ready to take the next steps for dealing with a debt that’s gone to collections.
Verify if It’s Legitimate
You’ll want to verify both the legitimacy of the agency and of the debt. While LVNV is a real, legitimate company, not every collection agency that contacts you may be.
Below are a few ways to know if a debt collector is legitimate:
- You receive a letter in the mail: Legitimate debt collectors will always contact you via snail mail, in conjunction with phone calls. Keep an eye on the mailbox if you’ve already received a call. Remember to always communicate via writing, rather than by phone, so that there is a paper trail and debt collectors cannot go back on their promises.
- The agency shares their contact information: Legitimate debt collectors will share their contact information, including but not limited to: company name, phone number, and address. Companies that will not release this information should automatically raise a red flag. Don’t discuss any personal or debt-related details until you have verified the agency.
- You can request information about the debt: Legitimate debt collectors will share information about the debt and work with you instead of against you. It is always possible that it is a real agency and a real debt, but that it doesn’t belong to you. Companies that won’t share details, berate, or threaten you are a cause for concern.
While you’ll want to do your research on the matter, you should also send the collection agency in question a debt validation letter. This demands that a company, such as LVNV, prove that the debt is yours.
Pay It Off
Paying off the debt that you’ve verified as legitimate is the next step in the process. However, paying it off will only update the collection account with a zero balance. It does not remove the collection from your account.
Speak to a Credit Counselor
Search for a credit counselor that has been accredited by the National Foundation for Credit Counseling. These certified professionals can assist you in rebuilding credit, removing collections from your credit report, and creating a plan to manage your debt. The best credit counseling companies may also help you save money by negotiating lowered interest rates and reduced monthly payments.
What to Do if You Don’t Recognize an Account on Your Credit Reports
Seeing a collections account on your credit reports is scary enough alone, but not recognizing an account is a whole other cause for concern. It’s important to remember that there are several reasons you may be unfamiliar with the account.
For instance, the company you applied to for credit may simply work with a partner agency you haven’t heard of. In the worst-case scenario, you may be a victim of fraud or identity theft.
If you suspect the latter, dispute the error immediately and consider acquiring credit monitoring services. For a monthly fee, these services keep an eye on your credit and alert you of any activity on your credit reports. You can then decide if the activity is legitimate or not.
For disputing an error, you’ll want to contact the credit reporting company and the information provider. Make sure to identify each piece of information you believe is inaccurate. Explain why you are disputing this information and include copies of documents that support your reasoning.
How to Remove LVNV Funding LLC From Your Credit Reports
Typically, only disputed accounts are removed from your credit reports. So if you were given someone else’s debt or suspect any instance of fraud, you likely will be able to remove LVNV Funding LLC from your reports. Remember that only the credit bureaus can remove the collection from your account — not the debt collection agencies.
You may also be able to receive a goodwill deletion for debts that have been paid off. Simply write the collector a letter, stating your reasons as to why you need the collection removed, such as if you’re taking out a mortgage. While there is no guarantee that your request will be granted, it doesn’t hurt to ask. Collections accounts that are successfully removed take away a source of credit score damage.
Lastly, there is a pay-for-delete option. Although uncommon, it is not unheard of. Pay for delete implies that payment on a debt will be exchanged for removal of the collections account off your reports by debt collectors.
This can also be requested via a letter. The practice of pay for delete is generally considered unethical as collection agencies are legally required to report accurate information to credit reporting agencies.
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