acire01 Posted March 18, 2007 Report Share Posted March 18, 2007 ***I'm posting in here because someone suggested this may be a legal matter if LVNV is really reporting stuff incorrectly to the CRAs***Ok, let me start back at the beginning. My husband went default on a Citi card in July 2004. He was contacted by CA#1 in November 2004. They scared him into agreeing to a monthly payment beginning in January 2005. I found this site shortly after and told him he needed to stop paying, which he did in August 2005. I then DVd CA#1 and they left us alone about it. Skip to October 2005, we get letter from CA#2. I DVd them and they left it alone.La la la, minding our own business we get a letter from MRS associates March 17, 2007 (yes, just the other day) saying they are trying to collect a debt for their client, LVNV Funding. I DVd them, then pulled his credit reports. OC (Citi) is now gone, but LVNV is in it's place. Here's what the 3 are saying.EX: Opened 4/06; reported since 11/06; date of status 11/06; last reported 2/07; status: collection acct amt past due since 2/07 (will drop off record 11/2011); type: installment; terms: 1 month; responsibility: individualEQ: Opened n/a; date reported 2/07; DOLA n/a; DOFD 11/06; status: collection acct; loan type: factoring company; type of acct: open; acct owner: individualTU: Opened 4/06; date updated 2/07; status: collection acct; loan type: factoring company acct; acct type: open acct; responsibility: individual; will drop from record 1/2012After reading lots of other posts, I found the factoring company, open account part interesting. It was a delinquent acct when they purchased it, so it can't be open, can it?My other concern is the DOFD as being 11/2006 on the EQ report. He was first delinquent with OC in July 2004; but most recently with CA#1 in August 2005. How can LVNV claim he was delinquent with them in 11/06?The best part I guess, is that the letter from MRS is the first time we'd heard anything about LVNV. We never received word one from LVNV. Did not know they had been "trying to collect" or I would have sent them a DV a loooooooong time ago!!!So my concern is the factoring company/open acct issue. I've DVd MRS and disputed the entry with the CRAs. But this factoring business I read about was after I'd sent the letters out. What if anything do I do about that? Are they reporting incorrectly, breaking some laws?And also, since we're in TX, the SOL begins when he stopped paying the second time (with CA#1) correct?? So 4 years from August 2005 he's got some leg to stand on, right?Thanks! Link to comment Share on other sites More sharing options...
willingtocope Posted March 18, 2007 Report Share Posted March 18, 2007 As I've said before, in the business world, a "factoring company" buys good accounts receivable from other companies...to help with cash flow. The implication is that a factored account is in good standing when they buy it. Obviously, a junk debt buyer is not buying accounts in good standing.However, I'm not aware of any laws or court decesions that state that the term "factored account" means anything at all from a legal sense.But...if they've changed the DOFD, then, you they have violated the FCRA by reporting inaccurate information. Link to comment Share on other sites More sharing options...
acire01 Posted March 18, 2007 Author Report Share Posted March 18, 2007 I just look at DH's CRs from 2006, and TU said the entry will be removed from record starting 11/2011, now in 2007 TU is saying it will drop 1/2012. What gives? EX still has the 11/2011 date so IDK. This is all such a mess. Link to comment Share on other sites More sharing options...
willingtocope Posted March 18, 2007 Report Share Posted March 18, 2007 There is a great deal of confusion over exactly how the "reporting period" should be measured. Not just us, but the CRAs also...The FCRA says...(1) In general. The 7-year period referred to in paragraphs (4) and (6)(2) of subsection (a) shall begin, with respect to any delinquent account that is placed for collection (internally or by referral to a third party, whichever is earlier), charged to profit and loss, or subjected to any similar action, upon the expiration of the 180-day period beginning on the date of the commencement of the delinquency which immediately preceded the collection activity, charge to profit and loss, or similar action. which can be taken to mean 7 years from the DOFD, or 7 years from the date 180 days after the DOFD. I'm not sure why, but some CRAs go with the 7 years, others go with 7-1/2 years, and still others seem to take a happy medium. This is why we have so many lawyers...not of them can write a law in such a way that the others can't agrue about it. Link to comment Share on other sites More sharing options...
acire01 Posted March 18, 2007 Author Report Share Posted March 18, 2007 Using a link I found elsewhere on this board, I checked on MRS's bonding registration in the state of TX and they are not coming up on my search. So a good thing?? Unfortunately the big dogs LVNV are bonded in TX. Boo. Link to comment Share on other sites More sharing options...
CarolinaBlueEyes Posted March 18, 2007 Report Share Posted March 18, 2007 check budhibbs.com under worst collectors. LVNV is known for re--aging among other unsavory practices Link to comment Share on other sites More sharing options...
serenity06 Posted March 21, 2007 Report Share Posted March 21, 2007 This website is really helpful.. Thanks a lot. Link to comment Share on other sites More sharing options...
walterg55 Posted March 21, 2007 Report Share Posted March 21, 2007 MRS is bonded in Texas, their bond expires in June of 07. I got this via email direct with the Sec of State's office and MRS shows up the same on sos Link to comment Share on other sites More sharing options...
Tazjeepcj7 Posted March 22, 2007 Report Share Posted March 22, 2007 LVNV Funding likes to subcontract their collection activities to other collection agencies, often going through Resurgent, a "sister" company to LVNV Funding. Link to comment Share on other sites More sharing options...
acire01 Posted March 30, 2007 Author Report Share Posted March 30, 2007 I sent the DV letter to MRS on 3/17, got back green card 3/24. So we got a new letter today from drumroll please.....Resurgent. Yes, I know they're all related, this letter says:The account has been placed with Resurgent...Enclosed please find an original validation of debt that verifies the debt. If you have any questions.....blah blah blah. Then at the bottom it informs me of my legal rights. It says we can still request DV from them within 30 days yada yada. MY QUESTION: So since it's with a new company do I need to DV them also even though they included a "debt validation" (which is nothing more than a page saying this account was owned by citi now owned by lvnv; and then gives the balance when it was acquired from citi and the balance now reflecting "additional interest, fees, payments, credits, and offsets")? And how does interest get added to a closed, written-off account? Original amt from Citi was 6287.99 and now its 6436.15. Just curious. Link to comment Share on other sites More sharing options...
unusualsuspect Posted March 30, 2007 Report Share Posted March 30, 2007 DV Resurgent. Let them know that their validation is not sufficient. The JDB (LVNV) will still assess interest based on the original loan contract. If you want to get real proactive, sue them in small claims court for $1000 for violating a TX consumer statute. Link to comment Share on other sites More sharing options...
acire01 Posted March 30, 2007 Author Report Share Posted March 30, 2007 Do you know which statute it would be? Link to comment Share on other sites More sharing options...
unusualsuspect Posted March 30, 2007 Report Share Posted March 30, 2007 TX has a fairly strong Debt Collection Practices Act. I don't know the exact reference, but I have heard wonderful things about it. Usually, when a CA or JDB is sued then they go away. The last thing they want is court scrutiny on their "business" practices. Link to comment Share on other sites More sharing options...
Kat99 Posted March 30, 2007 Report Share Posted March 30, 2007 does anyone know how to find out if a CA is legally allowed to collect in a particular state? I googled the company and found thier website and they claim to be the largest in the NATION but I want to make sure they are legal to collect in my state. Link to comment Share on other sites More sharing options...
unusualsuspect Posted March 30, 2007 Report Share Posted March 30, 2007 Unfortunately the great state of CA has no licensing requirements for collection agencies. Anyone can set up shop and call themselves a collection agency. Link to comment Share on other sites More sharing options...
acire01 Posted March 30, 2007 Author Report Share Posted March 30, 2007 I'm so totally stoked about this. Anyhow, where will it say if I'm disputing something with the CRA? In the remarks? Because for this LVNV account, it says:TransUnion] Collection Account; Account information disputed by consumer, meets FCRA requirements [Experian] Account seriously past due date/account assigned to attorney, collection agency, or credit grantor's internal collection department.[Equifax] Collection account That's it. I disputed with all 3 and got 2 green cards back. I mentioned what happened with the MRS DV letter (been forwarded to Resurgent; plan to DV them also). Another interesting thing is the balances are different for this account on the 3 CRAs. TU has 7493 and the others have the one CA is claiming, 6436. What gives? Link to comment Share on other sites More sharing options...
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