What To Do if You See LVNV Funding On Your Credit Report?

Master Card Visa Credit Card Gold

In this world where you do not need physical cash to purchase any product or services, consumers often use credit cards for any financial transaction. While the transaction process is very efficient, paying your credit dues can be frustrating and overwhelming when you get your credit card report. Aside from annual fees, interests, or tips being charged to your credit card, the credit card jargon can indeed be overwhelming. One of the most frequent line items appearing on your card is LVNV. This article will help you understand what LVNV is, including what you can do if you see it on your credit report.

LVNV Debunked

In the world of credit cards, there are many fraudulent entities that can claim your credit card debt. In fact, a collection agency named LVNV is one of these entities.  LVNV Funding is a debt collection agency based in Las Vegas that buys debt from creditors all over the country. So when you see LVNV Funding on your credit report, it usually means you have a collections account with them. This happens after the company purchases your debt from your original lender or another debt collector. 

Can I remove LVNV in my credit report?

The short answer is yes.  As a consumer, you have a right to dispute any inaccurate information from your credit reports. It is the responsibility of the original creditor or debt collector to provide timely, accurate information to the credit bureaus. If they cannot establish that the information they have about you is accurate, then they must remove the items from your credit report.

That being said, most third-party debt collection agencies pin their hopes on targeting the uneducated consumer. If you don’t know your rights, you can easily find yourself with several collections and potentially even a default judgment against you.

Protect Yourself!

Black Payment Terminal

Fortunately, there are several simple ways to protect you. If you have collections from LVNV Funding LLC on your credit reports and you need to remove them, follow these 5 steps:

  1. Debt Validation

As a consumer, you have every right to request full debt validation and remember to do so in writing. LVNV Funding has a history of inaccurate and incomplete records when it comes to their debt collection practices. If they cannot prove that you owe the debt and that they have purchased the debt, they must remove the collection account from your credit reports. They have 30 days to respond to your request for validation, and if they don’t, they must remove the negative information, regardless of whether or not the information is accurate.

  1. Check Disparities

Review your credit reports for any other collection accounts, and keep an eye out for duplicates that could indicate the debt has been bought and sold multiple times. If you see several accounts from different companies, it’s a red flag and you’ll need to dispute the debt with each collection agency listed on your account.

  1. Check Responses

Double-check any response you receive. Do the account numbers match up to your records and what LVNV Funding says you owe? Do the dates on the accounts match up? Are there other discrepancies? No error is too small to dispute.

  1. Document Disputes

Put your dispute in writing. If LVNV is still insisting that the debt is valid, you’ll need to file a formal dispute with the credit bureaus, listing all of the relevant information you’ve found so far.

  1. Negotiate

Be ready to negotiate. If the collection account remains on your files after a dispute, you still may have some leeway. Oftentimes, these debts will be past the statute of limitations to sue.

In summary, the best way for you to be more aware about the charges to your credit card is for you to be financially-savvy and build financial acumen so you will not fall in the traps of fraudulent credit card debt collectors. If you still need help, it may be best for you to seek legal advice from a professional credit repair service or law firm. They can give you the peace of mind you need to move forward and get the best result.