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.
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 3 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 most often a debt collection on your credit reports.
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 credit repair firm to do this on your behalf.
2. Credit Bureau Investigation
The credit bureaus will investigate your credit dispute by contacting LVNV Funding and asking for verification:
- 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 needed. 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 Debt Is Legit – What Now?
You still have options and you should not just pay LVNV.
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 7 years.
This 7 years time window starts to expire from the first month of missed payments.
If your debt is already 6 years old, it may be easier to just wait 1 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 7 years.
A common tactic debt collectors use is to report your account information for longer than 7 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 building credit.
The listing on your credit report will simply be changed to a “paid collection.”