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z00mer11 · Posted: Wed Jun 04, 2008 4:48 am Subject: LVNV Funding LLC

I just found an intersting item in my CR:

Credit Monitoring - Derogatory Trade
ALERT RECEIVED ON 03/17/2008
ACCOUNT: lvnv funding llc
P.O. B 10584
GREENVILLE , SC 29603
ACCOUNT TYPE: OPEN ACCOUNT
ACCOUNT NUMBER: 1333
INDUSTRY: FINANCE COLLECTION
BALANCE: N/A
CURRENT MANNER OF PAYMENT: COLLECTION ACCOUNT
CURRENT AMOUNT PAST DUE: $5423.00
REMARKS: PLACED FOR COLLECTION

What in Hades does this all mean? Where did this come from?

Mike in Oregon

Posted: Wed Jun 04, 2008 5:11 am Subject: reply

it looks like LVNV is trying to or has put
this on your credit report.they are a payday
loan company.have you ever had a payday loan
with LVNV?if not i would dispute it immediately
then send a DV letter to LVNV asap.send it
certified mail return receipt.

Posted: Wed Jun 04, 2008 5:35 am Subject:

I believe that LVNV Funding is a collection agency, not a payday loan company. I received a phone call from them regarding an old debt and sent a DV letter, that they signed for. So far, I have had no response.

Posted: Wed Jun 04, 2008 5:55 am Subject: reply

that is possible,but they could be another d/b/a for a bigger pdl company.LVNV could be trying to collect for another d/b/a in there grouping.

Posted: Wed Jun 04, 2008 6:11 am Subject:

Welcome to the community zOOmer11. LVNV/Sherman/Resurgent is a debt buyer (junk debt more often than not, meaning that it's been long since charged off)

What this means is that right off the bat you already (most likely) have them on a Fair Credit Reporting Act violation. Unless this account is still open with the original creditor that should say collection, not open. They do that to try to damage your FICO score even more (illegally) they'll also probably have it listed as a factoring company account which is also a violation.

I would suggest sending a debt validation letter to them. You can find a good template for one via my signature link, be sure to send the enclosure with it. Send it certified mail, return receipt requested. If you need an address I can provide it to you.

Guest · Posted: Wed Jun 04, 2008 8:15 am Subject:

What is factoring company?

Posted: Wed Jun 04, 2008 9:01 am Subject:

A actual factoring company works like this:
Let's say I own a furniture outlet and you buy furniture for your entire house from me. I charge you a total of say $14,000. Instead of saying this is all due now or extending credit to you via a bank I just say you can make payments to me. I can take the invoice and setup a account with a factoring company which will allow me to assign the invoice to them and they will give me (roughly) 85%-90% of the balance as cash up front. As I accept your payments I forward it to them paying on the account. Once I have the account paid in full they forward to me the remaining percent unpaid minus their fees.

Factoring company is a misnomer in the collections industry and is generally used by companies to either A. avoid the implication that they are a collection agency and/or B. Use it for credit reporting purposes to further damage a persons FICO score than what a regular collection account would as they appear as a original creditor to further pressure the consumer into paying off the account.

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