Hello all, I had a charge off from Credit One Bank (which I believe was a credit card) a long time ago. The high balance on the card was $566 and the current balance is $0. The account was sold (it seems) to a factoring account company called LVNV Funding. What I don't get is that the account at LVNV Funding is reporting a status of OPEN, and my balance is $724. Is this possible? I thought that the CA was only allowed to collect the original balance? ** I should note that I recently disputed this entry on my TU report. Before disputing, the past due was $619. Now it is $724.
They can charge interest if your original contract and state law allow it. My guess is that they do. Credit One is reporting correctly by showing a charge off with a $0 balance. LVNV purchased the debt and is now going after the balance plus interest, which is why they report the status as open. What was the result of your TU dispute?
Hey thanks Josh, I forgot to post the results of the dispute. 2 negative items were deleted completely. They were: A home Depot Card reporting 60 day late for Oct, and 90 day for Nov and Dec. A Chase Bank card that had been charged off. Both of these accounts were not mine. I also had a collection with NCO Financial that was reporting as In Collection before dispute. It came back as 'No longer on file'. Not sure what that means (the others just said deleted), but it isn't appearing on CR anymore. I had 13 different Sallie Mae student loans reporting at 'Account 120 Days past due'. They are still showing the lates, but have changed the reporting to 'Current; Paid or Paying as Agreed'. I have a CMG credit that was verified. This is definitely (just like home depot) not my account. My dad has my same name, so this has to be his. For now, I'm not going to deal with it, because it isn't reporting negative. Although, for the life of me, I don't know how they verified an account that isn't mine. Everything else says there were changes made, but I cant see what they are. I'm literally looking acct by acct and it's as if nothing has changed. Hopefully my score went up a bit. Although, I haven't checked it yet.
Actually, found a difference on Kay Card (although don't think it matters). Before dispute I had a 60 day in Sept, 60 day in Oct, then an OK in Nov. Now the Nov is completely gone. It just lists the 60 day in Oct as the last entry.
Ok, sorry that I keep adding to this post, but Josh (or anyone), maybe you could provide some feedback on this. So, I disputed this factoring Account LVNV Funding at Transunion's website on August 1, 2012. The next day, I went to the Post Office and sent a DV letter to LVNV Funding. Part of the letter explicitly states, "...during this validation period, if any action is taken which could be considered detrimental to any of my credit reports, I will consult with my legal counsel. This includes any information to a crredit reporting repository that could be innaccurate or invalidated or verifying an account as accurate when in fact there is no provided proof that it is." Since the balance BEFORE dispute was $619, and it is now $724, haven't they done something wrong here? I have heard NOTHING from LVNV. I did receive a return receipt on my certified letter. They received it on August 7, 2012. If I look at the updated TU credit report, it says that it was updated on 08/16/2012. Aren't they supposed to validate with me before validating with TU? Any thoughts?
No longer on file means that at the time of the dispute it wasn't there. Typically if you dispute with the DF, before or simultanious with, the CRA, the DF sends an update to delete the tradeline before the CRA starts the dispute. CMG, to survive a 'not mine' dispute a data furnisher needs to verify 2 of 4 things. Name, address, dob, and ssn. More than likely unless you never lived with your father at the address on the account you could have his accounts survive a 'not mine' dispute on just name and address. Johnson v. MBNA would be the case for you to read for information. Any accounts that could potectially be his you would want to strengthen the not mine dispute. NOT MINE - FATHER HAS SAME NAME AND ADDRESS This gives you a dispute that is more actionable should they match on only name or address.
Thank you for your input on both of my posts Jam. As always, your indisposible legal prowess is always welcome and helpful.
Just wanted to give an update on my TU dispute. So, NCO systems (the one that was 'not on file') sent me a letter in the mail apologizing for my information showing up when I pulled my CR. They said that they requested that ALL NCO entries on my CR's be removed by the CRA. I sent a GW to Kay Jewelers, and they said ...NOPE. So it has been paid, but still reporting lates. It really sucks that the Kay jewelers will be reporting those lates for another 6 years. I already tried disputing it again, hoping that since the account is pd., kay would not bother to verify. However, TU's website says something along the lines of ..."this account was previously verified...blah blah...we consider this frivolous..." so no luck there. I sent a PFD to LVNV funding on 08/21, and still have heard nothing. Therefore, I assume they are not interested in dealing with the account that way. My Sallie Mae is in deferrment, so they are reporting now as 'current' rather than 'Account past due 120 days', which is good. However, the lates still show up, so I fear the damage has already been done. My experience so far... well, my score jumped by 10 points, so I'm at a 592 now (sarcastic woohoo), but I feel like I've hit a roadblock. I don't know what else is going to make my score go up. Right now, my negative accounts are still: Amex $530 Cap One $1129 Credit One Bank - Pd, but still reporting (already verified, so TU wont let me dispute again) Kay - Same as Credit one, pd but still reporting LVNV Funding - around $700 Care Credit $3200 And all my Sallie Mae I really don't have the money to pay anyone right now unless they settle for a really low amount (lol). Kay already said they don't do GW, LVNV has given no response to PFD. When I called AMEX a week ago, they said that they were sending my acct to a 3rd party CA and there was nothing they could do, and Care Credit, well, they offered me a settlement, but there is no chance that I'll have the money to pay it by the date they want it. Anyone have any suggestions. I really want to improve my score.
What are you doing right now to build new positive payment history? That's a very important part of the credit rebuilding process too, since the FICO scoring models place greater weight on the most recent information in your credit profile. It looks like you've been taking the right steps with all these old negative accounts, so you just need to continue following up where it makes sense and hope for the best. If you have no funds to negotiate PFDs or settle, then you're really just hoping to get lucky. That doesn't always happen, but the good news is these old accounts won't plague your credit reports forever.
