LVNV Funding "tradeline"?

I would recommend that you first dispute with the credit bureaus, either by mail or sometimes it can be done online.

~Mary

Also, check your states statue of limitations, there is a decent chance this may be out of SOL, meaning you have no legal obligation to pay. However the derogatory remarks can remain on your report fro 7 years form date of last activity (in this case charge off).

mmalloy, could you tell us how many times the same account is listed on your report? Is this account listed twice ??? one by Providian and the other is by LVNV?

It seems the account went to collection in 03/2000; hence collection item is going to get off in 03/2007. Obviously charged-off took place prior to that date, so I think the charged-off stuff is just up to be vanished.

I had a Providian account that was purchased by Cavalry Portfolio. (I paid the Providian off with a home refinance in March 2003). Both Providian and Cavalry are listed on my credit report. Providian has the last date as May 2003 as charged off and sold for collection and Cavlary has the last date March 2006 as collections account disputed by consumer, meets requirements of the Fair Credit Reporting Act. I disputed the listing as duplicate listings on my credit report and the response was "meets requirement of Fair Credit Reporting Act'. I have now disputed with Providian (since it was paid the account in full in 2003). Cavalry said that if Providian supplies a letter saying the debt is "paid in full" that will remove the listing.

When original creditors sell a collection account, or the balance of a charged off account, or the balance of a settled account can the account be listed by both the original creditor and the company that purchased the account?

Quote:

Yes and Providian said I needed to send the dispute information to their dispute department, which I have done. I am just waiting to see what they say.

One company that settled for less the the total amount due was listed as "paid, $523 charged off" on my credit report. Can they sell the charged off amount to another company?

As you probaly guessed, I previously had a lot of bill problems. I now have only a morgage (which has never been late) and 2 small credit cards (which are current). But trying to straighten out my credit reports to be accurate is a lot of work. My pitiful credit score has gone from 500 to 650 (which is still bad but better than it was) with the romoval or correction of disputed debts. Several of the items listed will roll off in the next year, so hopefully it will continue to improve.

Kathryn, glad to see you are making progress. 150 points is a HUGE jump. Keep up the good work, you are probably an inspiration to a lot of people on this board.

It definately takes work, but it is worth it. I am so glad to be heading in the right direction. I already have a calander marked with the date each negative item will roll off my credit report. I really appreciate the help I recieve on this site!!!! Thanks to everyone!!!!

When a charged-off account goes to collection, it is reported by both the original creditor and the collection agency. By no means, it can be reported more than twice. You should dispute the item. And if the second collection agency buys the debt later, it should go off of your report after the 7 years from the date it went to collection first. Otherwise you can dispute it with credit bureaus. Hope that makes sense.

If you settle, make sure they're going to report the account PAID IN FULL not SETTLED.

Jessi is right,make sure they will report it as PAID IN FULL, or it will continue to damage your credit. Also, MAKE SURE to get the agreement IN WRITING! A verbal agreement from a collection agency means nothing. If they do not follow through on their promise, you will need evidence to back up your side of the story. Always make sure to get agreements from collections agencies put in writing.