department of credit research

LVNV Funding buys debt. They do this internationally and domestically.

They will buy debt from other collection agencies, finance companies and banks. Then they outsource the actual collection effort to Resurgent Capital Services and a variety of other collection agencies.

Resurgent will try and collect payment on an account for LVNV Funding. However Resurgent also outsources some of their accounts to other collection agencies.

LVNV typically only collects on delinquent unsecured debt such a charged off credit card. If they have been contacting you it is regarding an overdue debt.

LVNV Funding uses credit reporting. So they can create a negative mark if they are unable to collect payment from you. They also can turn around and sell your account to another debt collector.

If you have a credit card that was charged off it could easily be multiple negative marks on your credit report. You will have one mark from the lender, another mark from LVNV Funding and another if they sell your account to a collection agency.

This is why it is vital to know what is reported on your credit. You should also be aware that making a payment to LVNV will not help your credit. Your payment will not bind them to remove a negative mark from your credit report.

LVNV will not be able to delete any other negative mark regarding the delinquent debt that they did not create. In other words they will not be able to remove a mark created by the lender. I suggest getting in writing that the negative mark will be removed in exchange for your payment.

If you have a mark from LVNV, the most effective method for removal is to dispute the listing. You will dispute the accuracy or validity of the listing. This is done by sending a dispute letter to the credit bureaus.

Then the credit bureaus must investigate the listing. Expect some resistance from the credit bureaus you may need to mail the same letter two or three times.

Another option is to hire a professional credit repair service. They will dispute your negative marks on your behalf. I suggest using a credit repair letter if you only have one of two negative marks. If you have many negative marks then you should consider hiring a credit repair service.

Tags: bad credit
Filed under: bad credit