LVNV Funding LLC: What to do if you find them on your credit report

Lori, call the company and inquire about purpose of this letter sent to you. LVNV Funding is a collection agency. So you can send a debt validation letter to know the correct details of the account. Under the laws, you have the legal rights to refuse any kind of payments until it has not been proven to you in writing.

If you call this number 1-866-464-1123 and ask for the number to the dispute department the people are very nice. I just got something removed that I have been fighting for 2 years to get done.

Under no circumstances should you ever contact these people, nor try to make arrangments with them. Number 1 - making a payment will not clean up your credit. What it will do is re-age your account, and, it will stay on your CR another 7 years from the date you pay them. These people will probably not report it to the credit bureaus. They are pirates!! Unethical is a kind word for them.

Search LVNV Funding at Google and read the articles, LVNV Funding is a shacking down people for money they may and/or may not owe. They are buying up bad/charged off debets for pennies on the dollar and trying to get money out of people by reporting ooutstanind balances owed even if they are not. They have been sued many time sfor this practice and should continue to be sued.

I have recieved letters from lawyers representing LVNV, but have never recieved one single thing from LVNV...the letters say that LVNV is the original creditor although that is not possible since they are a CA. But, the letters also give no contact info for LVNV, not that I want to call them, but that is very strange. I also get phone calls from these "attorney offices" all the time, yet LVNV never once tried to call me. I think it is very strange. Especially since I sent debt validation letters to the attorney's offices, and recieved no response, except for continued phone calls. One of the accounts that LVNV had, not sure what it is...only guessing by the amounts, I sent debt validation to the attorney who had it, then 2 months later, after hearing nothing...I get a letter in the mail from a completely different attorney's office, showing the same amount of debt, so must be the same account transfered to a different attorney. Does any of this make any sense at all?

If a collection agency buys the debt from the original creditor, they become the original creditor. It might be LVNV has resold the account to these attorneys or they have appointed these attorneys to collect the debt on their behalf.

In both the cases debt validation is required. Tell them that how will you understand if LVNV is not holding the account? So they have to send some paperwork to you.

Quote:

If a collection agency buys the debt from the original creditor, they become the original creditor.

This is not true. They are the debt owner, yes, however they are not the original owner. They are still bound by the fdcpa while Original Creditors are not. There are several FTC Staff opinions that make it clear a debt buyer is still considered a collector under the law and are bound by the FDCPA.

Original Creditors have rights and remedies available that Collectors do not. The FTC's FDCPA web page can be found at https://www.ftc.go v/enforcement/rules/rulemaking-regulatory-reform-proceedings/fair-debt-c ollection-practices-act-text
The staff opinions can be viewed by clicking on "FTC Staff Opinion Letters"

how do you go abouts checking a statues?

You can check it online; there are some web pages that list the statute of limitation state wise. One such page is available here also:

http://forums .debtcc.com/forums/state-statutes.html

It is better to get it confirmed with a local lawyer.

You're right Clay. The original creditor never changes, a debt purchaser is a third party collector under the fdcpa (as well as collection lawyers). But, it has been my experience that LVNV/Sherman often "pretends" to be the original creditor when you call them up, and even have gone so far as to say that the FDCPA doesn't apply to them for this reason. Of course this is utterly rediculous, and if you do phone them, it is reason to record the conversation.