What to Do if You See LVNV Funding on your Credit Report

LVNV Funding on your Credit Report

When you find LVNV Funding on your credit report, time is of the essence. This collections business is notorious for its questionable collections practices, and many consumers find out about them when they receive a summons to court.

So what should you do if you see LVNV Funding on your credit report? Here are the steps you can take to have them removed.

LVNV Funding on your Credit Report
What to Do if You See LVNV Funding on your Credit Report

What to Know About LVNV Funding

LVNV Funding is a collections agency that purchases bad debts from banks and businesses across America. If you didn’t pay your Sears bill five years ago, chances are you’ll end up in LVNV Funding’s clutches.

Two main factors can help you when dealing with LVNV Funding. First, when this business collects debts from other businesses, they don’t always have all the information. As these are older debts, they could be missing anything from payment records to your proper name. 

The second thing to keep in mind is that this agency hangs its hat on the idea that consumers don’t know their rights, and thus, can’t fight back. They use that information to toe the line and push people to the breaking point.

Understand Your Rights

Before you start the battle against LVNV Funding, you need to know your rights as a borrower. Even if you have accumulated unpaid debts, you still have the right to be treated like a human being. 

The Fair Debt Collection Practices Act mandates the following:

  • Collectors are not allowed to contact you before 8 am or after 9 am, local time. 
  • Collectors must stop calling you at work if you file an official request for them to do so (by mail).
  • Debt collectors are not allowed to use scare tactics or threats to your body or reputation.
  • Debt collectors must provide you with information validating your debt within five days of contact. This document should include the amount you owe, who you owe it to, and the dispute process.
  • Collectors must identify who they work for.

It’s worth going through the entire act and highlighting key points to use when combatting LVNV Funding. Before you respond, look at the statute of limitations in your state regarding debt collection. This limit can range anywhere from three to fifteen years. If your debt falls outside that timeframe, do not acknowledge it as yours and start the dispute process immediately.

Start the Dispute Process

Filing a dispute is how to get removals from collection agencies like LVNV Funding. The first step is to file a debt validation request by mail. When combatting a collections agency, you want everything in writing. It’s worth getting registered mail to have proof of receipt. 

If they do not respond within 30 days, you can send another letter to the collections agency indicating their lack of response. You’ll also want copies sent to the credit agencies— TransUnion, Experian, and Equifax.

If your debt falls within the statute of limitations and LVNV Funding can prove it belongs to you, a pay to delete is your best option. Tell them that you won’t be paying until they confirm in writing that they will delete the debt from your credit report.

Ask for Help

When navigating this process, it’s ok to ask for help. Invest in credit repair software to help track your dispute and generate well-worded letters. You can also work with an experienced credit repair company to delegate the task. 

Be sure to capture every exchange in writing. Take notes about someone called from LVNV Funding, what they said, when you filed papers, etc. Every detail is important in the event of a lawsuit.

Plan for the Future

Take this opportunity to focus on improving your financial health for the future. Avoid taking on unnecessary debt and make your payments on time. Consider talking to a financial specialist to help get you on track.