I have LVNV listed on my reports as a Factoring Company. I've read through here how it is a violation for them to do so, but I really haven't seen anything siting how to deal with it - perhaps I missed it? Is this something you would send an ITS letter directly to LVNV? Dispute siting the violations? This is a company I have not requested validation from as I have not received anything from them. I'm not sure how to procede when there is a blantant violation right there in the open....
The fact that they are on your reports is enough to request validation from them. Is this an old debt past SOL? Factoring companies buy non-defaulted debt from retailers, to collect the income stream. It makes them look like the original creditor, and supports the fiction they sometimes use that they are not debt collectors so they don't have to follow FDCPA. They may also try to use this misrepresentation to "re-age" the original date of delinquency, both for reporting purposes, and to lengthen the time they claim they can legally sue. If they bought the debt after default, then they are debt collectors, and must comply with FDCPA. As with any reporting error, you would first have to dispute thru the CRA, and have the erroneous information verified, before they would be liable for their error.
LVNV Reports: FACTORING COMPANY; ORIGINAL CREDITOR: HOUSEHOLD BEST BUY INTERNET Seriously past due date / assigned to attorney, collection agency, or credit grantor's internal collection department Best Buy Reports: PAID CHARGE OFF Transferred to another lender or claim purchased I live in Texas, so I'm not worried about being sued. This was disputed thru the CRA's a few months ago, they verified the debt but changed the status to CLOSED... looks like the DLA's are about right. I have one more year to go on the SOL's... This was from May 2003 and if I remember correctly the SOL in Texas is 4 years. We're buying a house in December which is why I'm going through all this. We already have a loan at a decent rate (we're building), however if I can clean up some stuff we can run a report again before we close see if there's anything better. Of course this means that I don't want to stir a pot and make something worse, know what I mean? I got Midland & Unifund off my reports as well as a couple of other minor things that were paid by disputing with the CRA.. (score jumped from 605 to 635!) I have never dealt directly with the a CA. All my disputing also pulled some stuff out of the woodwork - the Citi CA in my other post. I did send the letter there as advised as I am 99% positive that isn't mine at all. I think I would remember a Platinum card with that sort of limit! I have never had a platinum anything!
So anyone have any suggestions on a letter to send LVNV who is claiming to be a factoring company? They are listing as an open loan, the original credotor did charge off and they did re-age the debt by 2 years. Thanks!
