LVNV Funding is a collection agency. If you see them on your credit report or if you’re being contacted by them. They are trying to collect payment for a debt.
This debt could be for a variety of accounts including: credit card charge offs, unpaid medical bills, personal loans, and more. They even purchase debt accounts from other collection agencies.
How To Remove LVNV Funding From Your Credit Report
1. File a Credit Dispute
You must dispute the LVNV Funding listing on your credit report. You will need to do this with each of the three major credit bureaus. You can do this by sending a dispute letter. In your letter you need to include, the item you want the bureaus to investigate. In this case, that would be the LVNV Funding listing. This is often the collection on your credit report.
You should also include in your dispute letter:
- Your name
- The reason for your dispute
- And any other pertinent information or documentation
Your other option is to hire a professional credit repair firm, to do this on your behalf. We suggest the Credit Pros. However, you proceed you can remove this derogatory item from your credit report.
2. Credit Bureau Investigation
The credit bureaus will investigate your credit dispute by contacting LVNV Funding and asking for verification, on your alleged debt. They will need to verify:
- The debt is your account
- The dates are correct
- And the balance due is accurate
The credit bureaus will then update the listing on your credit report, if it is verified, with accurate dates and balance due. However, if your debt account is not verified. Then, by federal law the listing must be removed from your credit report! It is estimated that over 50% of all credit bureau investigations result in an item not being verified.
And consequently removed from a consumers credit report. When you delete bad credit, you improve your payment history. Your payment history is very important when your credit score is calculated. It is worth approximately 35% of your overall credit score.
My Account Is Legit – What Now?
You still have options and you should not just pay LVNV Funding. The first thing you need to do is request validation of debt. This is going to require LVNV Funding to provide you with the legal documentation, that proves they own your debt account.
If they are unable to provide this documentation. Then, you don’t have to pay the debt. And it will be an easy item to remove from your credit reports.
If they do validate your debt. Then you will need to negotiate a settlement payment. But first, it would be wise to consider the statute of limitations. Most debts you are only legally responsible for repayment for seven years.
This time window starts to expire from the first month of missed payments. If your debt is already six years old, it may be easier to just wait one more year. If you choose to wait and don’t pay. You must be vigilant to make sure this item gets removed from your report, after seven years. A common tactic debt collectors use is to report your account information for longer than seven years!
If you do choose to make a settlement payment. Then, you should negotiate and pay only a fraction of the total balance due. You need to do this because LVNV Funding purchased your debt for pennies on the dollar! Frequently, collection agencies agree to settlement payments for just small percentages of the total amount due.
In exchange for your settlement payment. You must get LVNV to stop reporting your account to the credit bureaus. If you neglect to do this. When you pay them it will do practically nothing to help in the way of repairing credit. The listing on your credit report will simply be changed to a paid collection. This is still a negative item and it will cause you to have a poor credit score.
Don’t be a victim of LVNV Funding, and take action to protect your rights and your pocketbook today. Get a free credit consultation with a certified FICO professional by calling toll-free 1-877-418-7596. For more credit help and tips with Dan Willis, sign up for our free newsletter.
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